Silver Wave Analysis: The pair is in a correction is possible: On the daily chart, the first wave of the higher level (1) of 3 formed, and a downward correction develops as the wave (2) of 3, within which the wave C of (2) forms.
Gold Forecast And Current Trend: Gold continues its corrective growth, trading at 1906.0 amid the formation of new factors that act as global support for quotations. The day before, Reuters published statistics on Chinese gold imports, according to which the PRC imported 52.821 tons of precious metal in April only through Hong Kong, which is 219% more than in the previous month.
XAU/USD Forecast And Current trend: : Gold prices are showing ambiguous dynamics during the Asian session, consolidating at 1900.00.
Gold Trading Strategy 07-January-2021
Uptrend scenario :
The gold price uptrend may be expected to continue, while market is trading above support level 1914, which will be followed by reaching resistance level 1941 – 1950.
Gold Weekly Outlook (January 4 – 8, 2020) Gold Uptrend scenario : The uptrend may be expected to continue in case the market rises above resistance level 1906, which will be followed by reaching resistance …