GOLD

Nov 24, 2019 TeP Education

NOV. 24, 2019

THIS IS NOT AN INVESTMENT ADVICE. EXERCISE DUE DILIGENCE YOUR CAPITAL IS AT RISK.

Gold is sitting approximately at 50% fibo level in a downtrend. Still a bearish biased unless it can rebound in that area. Gold price already visited 1446 last Nov. 12 and it can happen once again anytime if the psychological support will be broken. As we already assumed in our previous post that gold prices will be correcting this November onwards.. If the trend will continue 1400 level is possible or below.

As a rule, when the value of the dollar increases relative to other currencies around the world, the price of gold tends to fall in U.S. dollar terms. It is because gold becomes more expensive in other currencies. As the price of any commodity moves higher, there tend to be fewer buyers, in other words, demand recedes.

US Dollar is still moving up and will continue to go up based on current trend.

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