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25.11.202006:34 Forex Analysis & Reviews: Trading Signal for GOLD for November 25 - 30, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 25.11.2020 analysis

The precious metal is still trading under downward pressure. On Monday, the upbeat US PMI report caused a strong rally in the US dollar and pushed the precious metal below $1,850. Yesterday, the positive news about the COVID-19 vaccines boosted the appetite for risk. Besides, the transition of the presidential power in the US was announced yesterday. Such events weakened Gold to the psychological level of $1,800.

The downward pressure on Gold remains intact. However, the 200 day EMA on daily charts will offer good support given that in 1,789 we find a memory of July 15th.

The eagle indicator in daily charts is showing an oversold signal and a bullish rebound is very likely for the next few days.

The market sentiment report shows that there are 82% of investors who are buying this precious metal, which favors our long-term strategy of a bearish movement. However, we must wait for a rebound to sell again.

Trading tip for GOLD for November 25-30

Buy if the pair rebound around EMA 200 Daily at 1,795 and 1,789 with take profit at 1,826 and 1,851; stop loss below 1,760.

Sell if the Gold makes a pullback to 1,851 (strong resistance) with take profit at 1,815 and 1,795; stop loss above 1,865 (EMA 21).

Dimitrios Zappas
Analytical expert of InstaForex
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