Gold again defends the long-held support at $1,850. That level offered support multiple times in the second half of September and earlier this month. A close above the Nov. 6 high of $1,965 is needed to revive the broader uptrend.
Pfizer and BioNTech reported a 90% efficacy rate in their COVID-19 vaccine candidate. While the results are preliminary, the outcome seems promising not only for these firms – but also for three other efforts using the mRNA approach.
Gold has been rising on hopes for additional fiscal stimulus, yet with prospects of returning back to normal, the urge for additional funds is weaker. XAU/USD tumbled down in response, dipping below $1,850.
Time Frame: 1 hour
|Support & Resistance||Level||Explanation|
|Resistance 2||1877.96||Daily R2|
|Resistance 1||1870.97||Daily R1|
|Support 1||1852.33||Daily S1|
|Support 2||1845.34||Daily S2|
|Stochastic ( 9;6;3)||Sell|
|Indicator / Period||Day – Sell||Week – Sell||Month – Buy|
|SELL||Simple Moving Average Buy (0) Sell (3) Technical Indicators – Oscillators Buy (0) Sell (3)|