Where Did You Gold? - Gold Fell Below $1,900 Again, But Buyers Still Dominate The Market

Illustration photo of Gold Price D1 Chart from ForexLive

In the European market, the gold price has just pulled up short-term to return to the $1,880 mark. The U.S. House of Representatives passed a vote of 275-134 on Monday to release $2,000 in stimulus relief per person.

As pointed out by Justin Low, an analyst at ForexLive on Tuesday, in the case of weaker market conditions as the year ends, the demand for gold is relatively smaller as buyers find it difficult to build further momentum after stabilizing in December.

Currently, the $1,900 handle and the 100-day moving average (red line) are limiting the price range, which keeps price movements under control. In addition, there is a retracement of resistance at 61.8 @ $1,888.89.

Illustration photo of Gold Price H4 Chart from ForexLive

However, Justin also pointed out that buyers have not completely lost momentum. In the past week, buyers have been defending the 200-hour moving average (blue line).

Therefore, he believes that the breakthrough of $1,900 and the 100-day moving average will be a key step before maintaining any further gains.

FOLLOWME XAU/USD Overall Sentiment (As of 17:50 p.m., Dec 29, 2020),

Short - 50.17%

Long - 49.83%

For information please refer to Justin Low