- Gold”s immediate bias is neutral with prices trading within Monday’s range.
- Monday’s high is the level to beat for the bulls.
Gold created a long-legged Doji candle on Monday, implying indecision in the market.
The metal is currently trading near $1,890 per ounce. The immediate bias would remain neutral as long as prices are held within Monday’s trading range of $1,864-$1,899.
A close above $1,899 would mean the period of indecision has ended with a bull victory. It would validate the dip demand near $1,864 observed on Monday and open the doors to $1,933 (Oct. 12 high resistance). Alternatively, acceptance under $1,864 would expose the Nov. 9 low of $1,850.
With risk assets cheering multiple positive news on the coronavirus vaccine front, the odds appear stacked in favor of a break below $1,864.