Gold analysis on dated 10-12-2020

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It is expected that the advisory committee at the US Food and Drug Administration (FDA) will meet next Thursday to consider approvals for Corona vaccines, specifically the joint vaccine for each of the American company Pfizer and the German company Bio-Tech and the American company Moderna vaccine,

 

which previously announced that it had submitted a request for approval For its vaccine in America and Europe, in order for Tibet to grant permission for these vaccines to use emergency or not.

 

Gold price suffered significant losses yesterday to attack 1838.00 and reach 1825.00, but we note that the price closed the daily candlestick above the first level, which keeps opportunities available for the continuation of the main bullish trend, especially since the stochastic indicator is providing clear positive signals now.

Thus, we expect to witness positive trading in the upcoming sessions, and targets start at 1850.00 then 1870.00, bearing in mind that breaking 1838.00 will stop the expected rise and press the price to turn downward.

The expected trading range for today is between 1830.00 support and 1870.00 resistance

The expected general trend for today: Bullish