Market News

Support Price Zone of Gold Precious Metal During The Day


Comment on Gold on 1/2/2021:

At the end of last trading week World gold had 1 trading week mainly decreased.  Gold price retested the 1875 resistance level and then fell back in the last session of the week.  Closing last week with a bearish candlestick showed that buying pressure started to slow down after the next week of gains.  In my opinion, the resistance zone of 1867-1875 continues to be the zone that pushes the gold price down in the first sessions of this week.
 - Switching to the daily chart time frame, we can see that after 4 trading days at the beginning of last week declined, the last session of the 6th week, Gold price had a strong bounce to 1875 but after hitting the zone.  At this price, Gold price fell immediately to 1840 and closed the day with a bullish candle but with a long upper shadow, so this uptrend in my opinion is not sustainable, reinforcing the trend of waiting for retesting.  on week time frame.
 - Considering on a shorter time frame than H4, the closest point we can establish a sell-down position on the precious metal Gold is around 1860. The safe target will remain to the old support level of 1834.  This is also the support price zone of gold precious metal during the day.