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27.11 - Gold continues to feel the pull of gravity

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27.11 - Gold continues to feel the pull of gravityGold continues to feel the pull of gravity after facing rejection at $1818 for two consecutive days. Despite the uncertainty about the coronavirus vaccine development and continued escalation in the infections globally, gold remains vulnerable amid thin trading conditions on Black Friday. The XAU/USD pair is likely to find an immediate reprieve at $1805. The next critical cushion awaits at $1,800. The bears will then challenge the $1796 cap. Further south, the level to beat for the bears is $1,789.

On the flip side, strong resistance awaits at $1811. The $1818 barrier will guard the further upside. Acceptance above the latter is critical to reviving the recovery momentum towards $1824

 

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