XAU/USD - Week 53 - November lows on the radar?

Our analysis for the Gold chart makes us think that in the short-term there is a good chance for the price to re-test the November lows. After that we can see Gold going back up, as Covid-19 case rates are rapidly increasing around the globe with many countries heading back into lockdown. A new variant of the virus was recently discovered in the UK, as well as other neighboring countries such as Spain, France and even Japan, most likely linked to UK travel. For this week we do not expect big movements due to the low volatility period. We will update you if we see any change of structure. At the moment there is also the possibility for the price to go a bit higher and retest the upper trendline, but our focus is on the down move
Trade safe & a Happy New Year!

Best regards,
Financial Flagship

Disclaimer: The analysis provided is just informal and it should not be used as financial advice. Remember that you need a plan before you start trading; so take this as your guide that will ultimately help you understand the market and easily predict your next move.

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