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GBP/USD
November 20, 2020
EUR/USD seen within 1.1840-1.1890 very near term
November 23, 2020
Published by CF Merchants on November 20, 2020
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  • Market Analysis
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Gold

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.

Technical analysis

Time Frame: 1 hour

GOLD Support & Resistance Table – 20/11/2020

Support & ResistanceLevelExplanation
Resistance 21877.96Daily R2
Resistance 11870.97Daily R1
Support 11852.33Daily S1
Support 21845.34Daily S2

 

GOLD Indicator Table – 20/11/2020

IndicatorSignal
SMA 20Sell
SMA 50Sell
SMA 100Sell
MACD( 12;26;9)Sell
RSI (14)Sell
Stochastic ( 9;6;3)Sell

 

GOLD Indicator / Period Table – 20/11/2020

Indicator / PeriodDay – SellWeek – SellMonth – Buy
MACD( 12;26;9)SellSellBuy
RSI (14)SellSellBuy
SMA 20SellSellSell

 

GOLD 20/11/2020 – Reference Price : 1861.65

SELLSimple Moving Average Buy (0) Sell (3) Technical Indicators – Oscillators Buy (0) Sell (3)
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