Gold: Update + turnaround dates



At the beginning of the week, Gold was one of the corona vaccine losers and, driven by the news, fell by almost 6%.


As a result, it once again ran into the strong support zone between USD 1,862 and USD 1,848. There was no breakthrough through the lower limit of USD 1,848 and significant short coverages followed with profit-taking.


In the middle of the week, the bears tested the lower limit level one last time. Due to a lack of follow-up sales, the short side had to stock up, so the bulls took the lead.


This price trend coincides with our short-term cycles, which point to a high around November 17th.


After the turnaround date, a counter-impulse will likely follow, which will develop a low around November 27th.


Since gold is currently in a bull market, a short entry around November 17th should be treated with caution.

 

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