Key Points

• Yearly ascending channel
• 200 Moving Averaging indicating an uptrend
• Key pivot points

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Gold prices remain on the back foot as bulls endeavor to find support at the $1849.04 region. Prices tumbled from $1969.53 (monthly highs) after the news that an effective coronavirus vaccine was almost ready. Prices were tempting to break the upper resistance line of the yearly ascending channel. Currently the key causes of mixed trading can be traced from the lack of specific market direction amid the Covid-19 rhetoric and the U.S. elections results.

The current major trend in the Gold market as indicated by the 200 Moving Average is pointing upwards. If prices escape the ascending channel, the next bearish target will be the $1800 region whilst the 200 MA will offer support. The last time Gold traded below $1800 was in July at the $1795.08 support line. If the market is to turn bearish, bears would target the re-test of this handle.

On a shorter outlook, prices are currently trading below the 60 Moving Average, whilst the moving average itself is currently safe in the ascending channel. If the long term bullish movement to continue, the current dip offers a good buy opportunity.

Trends

Moving Average	Simple	Exponential
60	1903.13 SELL	1898.18 SELL
100	1903.89 SELL	1876.46 SELL
200	1785.42 BUY	1793.84 BUY

The major points to look out for on the chart.

Pivot Points (Hourly)

Name	S3	S2	S1	Pivot	R1	R2	R3
Gold	1820.26	1862.63	1864.41	1866.78	1868.56	1870.93	1872.71
Silver	24.024	24.088	24.142	24.206	24.260	24.324	24.378
Platinum	862.16	864.03	865.71	867.58	869.26	871.13	872.81
Palladium	2317.36	2327.63	2332.76	2343.03	2348.16	2358.43	2363.56

The daily timeframe offers a better and clearer picture of where the market is heading.

Pivot Points (Daily)

Name	S3	S2	S1	Pivot	R1	R2	R3
Gold	1820.90	1837.40	1849.50	1866.00	1878.10	1894.60	1906.70
Silver	23.182	23.496	23.882	24.196	24.582	24.896	25.282
Platinum	818.89	839.02	853.24	873.37	887.59	907.72	921.94
Palladium	2091.54	2200.97	2260.54	2369.97	2429.54	2538.97	2594.54