Gold bulls try to end the week with a bullish note for the weeks to come

Trading 05 Nov 2020 Donner votre avis

Yesterday's price action with the early decline and the strong finish was the first sign of Bull's strength. Today bulls confirmed this strength by breaking above key short-term resistance levels increasing their hopes for a move towards $2,000 again.

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Red line -resistance trend line

Gold price has broken above the trend line resistance. Price has also move above recent high at $1,931 starting a new sequence of higher highs and higher lows, since yesterday's $1,882 pull back did not violate the September low at $1,848. Now the $1,882 level rises in importance and bulls do not want to see price below it. On the other hand bears have a lot of work to do.

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Red line -resistance

As we said in previous posts, it is important to focus on the weekly chart this week and not in the short-term ups and downs as volatility due to the elections has pushed price to extremes. Tomorrow is last trading session for the week and a good solid close above $1,950 would be a big win for bulls that could promise bullish weeks to come until the end of the month.

The material has been provided by InstaForex Company - www.instaforex.com

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