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Chart Of The Day: XAU/USD

Published 11/23/2020, 10:19 PM
Updated 07/09/2023, 06:31 AM
XAU/USD
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GC
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GLD
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The problem bulls have with gold is that the XAU/USD spot gold market was holding the 1850 support well, until today. Today, we closed basically at the 38% retracement of the 2020 lows to 2020 highs. That level came in at the 1838 level and we are now at risk of a move to the 200-day moving average and possibly below in the coming week(s). What looked to be favorable news for gold (Yellen selected as Treasury Secretary by President-Elect Joe Biden) late in the session should have given gold a late-day rally. Instead, it traded heavy and now is at risk of a move lower. RSI is also pointing lower as well. Near-term resistance is at the 1870 level.
XAU/USD Daily Chart.

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