Gold at risk of a move lower?
The problem bulls have with gold is that the XAUUSD spot gold market was holding the 1850 support well, until today. Today we closed basically at the 38% retracement of the 2020 lows to 2020 highs. That level came in at the 1838 level and we are now at risk of a move to the 200dma and possibly below in the coming week(s). What looked to be favorable news for gold (Yellen selected as Treasury Secretary by President Elect Biden) late in the session should have given gold a late day rally. Instead it traded heavy and now is at risk of a move lower. RSI is also pointing lower as well. Near term resistance is at the 1870 level.