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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).
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