The correction in gold in 2021 has many saying that gold is dead. Personally, i think the last 18 months has been gold waiting for commodities to catch up.
Gold is only down $86 dollars per ounce this year!!
2020 close = 1895 Current price= 1809
I don’t think it closes negative in term of yearly return, but for more clarity, you have to wait for December first week update, till now we enter accumulation phase.
When Gold reached 1870, majority of analysts were expecting, it will exceed all time high, that time I told you that unable to close above 1868.95, we are heading towards 1804 exactly and yesterday we hit it.
What about today’s trading prospect?
Trend dictator: 1807.68
Support : 1792.15-1789.43
Initial support at 1797.41 must hold for bounce towards 1821-25 zone, and this could be short opportunity for 1792-89 zone.
For low risk, wait for either zone meet first, another would be target.