Gold retests key level

Gold retests key level

Fundamentally speaking I like the upside in Gold A LOT. With this Blue Wave coming in the US (Big Democratic Control) we are going to see a lot more social based bills passed and more liquidity injection, a.k.a QE. This will kick the US Dollar down and metals, all safe heavens like the Yen actually, up.

So the latest -7.30% move to the downside is nothing but a great buy opportunity in my opinion.

Bear in mind that even though we are hitting and rejecting a massive level this trade idea remains risky because it’s a dip buy and not a reversal pattern breakout.

The first key level to the upside is the 1873 level. If this level holds buys would no longer be in play but if it fails and buyers swipe all the sell orders placed there a retest of the previous highs around 1960 is very much real.

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Author : Orlando Gutierrez

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