Gold has retrieved higher ground post yesterday’s U.S. session, after staying low between 1920 and 1930 area. Worse than expected unemployment claims figure gave the metal some push, once touching 1966 and steadily floating onto 1945 and 1950 level. Asia opened lower today hanging around 1940, creating a bearish trend in the mid-long term. Attentions are now paid to the vaccine progress and the debate over the General Election in the U.S, likely will send another wave to the market sooner or later.

On the technical side, H4 chart for gold looks to be pregnant with the bears as shown by the 3 black crows. Dotted trendlines are showing the price of gold owns a decreasing-highs from previous highs, looking to find 1924.71 or 1917.20 as support. Once reached, would expect a rebound from there up to the trendlines. Next target to look at is if pullbacks are to close strong above the 2 trendlines, bulls will likely to take over the market from then on.

Opportunity to short gold at 1940 retest with first target at 1924 and secondly target 1917, with security stop-loss on 1952.

Analysed by:Mr. Ronald Wu,Independent Analyst