Where is Gold going?
At this moment I'm out from trading Gold, the big question remains though: "Where is Gold going?"
Looking at a weekly chart we can see, that excepting 2 spikes down and 2 spikes up, the price has been contained in a very clear range between 1760 and 1830.
Every speculator knows that there will always be 2 scenarios, one for going up and one for going down and we should choose what seems to have a higher probability.
Is clear for every trader that the long-term trend is up and the drop from 2020 summer is just a correction. Now, if this correction is done remains to be seen.
At this moment we are closer to the bullish scenario, with the price very close to the 1830 zone, which is also a confluence resistance zone now, and a break above would clarify things.
On the bearish scenario and continuation of correction, Gold needs to drop at least under 1800.
