Gold prices jumped by more than 1.3% on Friday 9 OCT 2020 as renewed negotiations for U.S. stimulus prompted investors to buy bullion as a hedge against inflation.
Price is a multiple confluence level.
1: Its a the top of a strong descending Channel
2: 1927 is a really strong level of Support and Resistance
3: 1927 is also a Fibonacci Retracement level
Bullish Scenario:
Economy, Stimulus , Virus etc all supportive for Gold
Break above the resistance level and channel will open up 1970>1990>2010
Price is in a bear flag, we could get 1947-50 which is top of the bear flag.
Bearish Scenario:
Resistance and Channel holds and price bounces off and heads towards lower channel.
Wait for confirmation on lower time frames before picking direction.
Price is a multiple confluence level.
1: Its a the top of a strong descending Channel
2: 1927 is a really strong level of Support and Resistance
3: 1927 is also a Fibonacci Retracement level
Bullish Scenario:
Economy, Stimulus , Virus etc all supportive for Gold
Break above the resistance level and channel will open up 1970>1990>2010
Price is in a bear flag, we could get 1947-50 which is top of the bear flag.
Bearish Scenario:
Resistance and Channel holds and price bounces off and heads towards lower channel.
Wait for confirmation on lower time frames before picking direction.
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Market structure has changed. This setup is no longer valid.