The big money question is -will Gold finally hit the $2,000 mark this week?
On Friday, it closed above the critical barrier of $1, 911 – a confluence of 21 day moving average (DMA) and falling trendline resistance – causing a falling wedge breakdown. The falling wedge is a bullish pattern that starts off wide at the top and contracts as the prices move lower.
A classic falling wedge breakdown was seen on the daily chart – but what’s critical is for a break above 50 DMA resistance at $1,939.50 to be achieved to maintain upside.
As the resurgence of the Coronavirus is spreading around the world, this might cheer on the bulls for gold.
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