Gold Is Testing Key Support

09/09/2020 9:52 am EST


Fawad Razaqzada

Technical Analyst,

In this video, Fawad Razaqzada breaks down technical levels in gold.

Gold is testing key support levels. The major question for gold is whether it bounces and resumes its bullish trend or break down and drop like a stone?

Gold, which has been correlating more positively than negatively with the S&P 500 over the past few years, has fallen along with technology stocks in recent days.

The dollar has also bounced back, and this has provided additional pressure. However, bond yields remain low and for that reason, I am expecting gold to remain supported in the long-term.

In the short-term as well, it has a chance to push higher as the metal tests a key technical support area, as I have discussed in THIS video:

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