22 Dec, 2020 15:30 am

Chart Of The Day: Gold Headed For Another Record High?

Chart Of The Day: Gold Headed For Another Record High?
Commodities Analysis by (Pinchas Cohen/ covering: XAU/USD, US Dollar Index Futures, Gold Futures, CBOE Volatility Index. Read (Pinchas Cohen/'s latest article on

However, if the price falls back below the short-term rising channel since the Nov.Conservative traders would wait for a decisive decision by the 'collective' trader as to whether the commodity continues along its short-term rising channel or via its medium-term falling course.On the other hand, markets seem to have accelerated their pace of movement, as we've seen in this year’s fastest bear market on record, only to be immediately followed by the quickest exit from a bear market in history.Currently, it’s still within a medium-term downtrend since the August peak.

Aggressive traders may enter a contrarian trade, both to the current selloff and to the medium-term downtrend, and go long, provided they understand and accept the risk and keep a tight trading plan.We should say upfront, we've been wrong before about the precious metal.

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