Gold Recommendations Today: Gold is declining after touching strong resistance levels, and it is expected to return to the upside


Best Buy Entry Points

 Entering a buy position from the current support levels at 18750.00.

 Place your stop loss below the 1840.07 support levels.

 Move the stop loss to the entry area and continue the profit as the price moves 40 pips.

 Close half of the contracts with a profit of 40 pips, leaving the remaining contracts until the strong resistance levels at 1940.78.

 Best selling entry points

 The entry of the sell position by a pending order from below 1844.28 levels.

 The best pips for placing a stop loss are higher than 1908.10 levels.

 Move the stop loss to the entry area and continue the profit as the price moves 40 pips.

 Close half of the contracts with a profit equal to 25 pips and leave the remaining contracts until the support levels of 1780.18

 Gold analysis

 Gold prices continued to rise during daily trading during early trading this morning until the resistance levels that were identified in the weekly expectations published yesterday. You can review them from here, which responded strongly.

 Investors are anticipating several factors that may help the precious metal rise back, most notably the discovery of a new strain of Coronavirus in south London, which prompted a large number of countries in the world to close flying with the United Kingdom with.

 Meanwhile, US lawmakers are close to finalizing an agreement on a new stimulus package worth 900 billion dollars.  House Speaker Nancy Pelosi added that Democrats and Republicans are "very close" to a deal.  Earlier, Senate Majority Leader Mitch McConnell said that an agreement should be reached "within hours".  The bill will assist companies and individuals who are suffering the effects of the economic crisis brought on by COVID-19.

 President Donald Trump also signed again a short-term spending bill to prevent a government shutdown while lawmakers complete the deal.

 On the technical level, the price of gold continued to decline, as it traded at levels of 1871.81 dollars an ounce at the time of writing the report, based on the moving average of 100 on the hourly frame. After the precious metal rebounded the strong resistance levels at 1902, which represents the target of buying in last Thursday's  recommendation.



 We expect gold to continue rising from the current price, supported by fears of the spread of Corona and the stimulus law, to break the resistance levels represented by the bearish trend line on today's timeframe, as well as 1902 levels.

 We mention that the predominant expected trend for the precious metal is to rise, especially with the huge volume of money printed within the stimulus programs around the world, so it is necessary to warn the need to maintain the management of capital .... while adhering to the numbers in the recommendation.

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