The global gold market has witnessed strong buying activity in the past two weeks. Investor demand for safe havens has increased amidst escalating tensions in the Middle East. Gold prices have marked their third consecutive week of gains.
At the time of writing, the Gold market is trading at $2000. Based on the 1-hour psychological level analysis chart, $2000 currently acts as a resistance level for gold. It is expected to quickly push back against this price increase, although gold may not see a significant decrease. The expected support level could be around $1985, followed by a reestablishment of the upward trend for this precious metal.
The year 2020 is being highly anticipated by gold buyers during this time. This week, we will receive two pieces of news on November 1st and November 3rd that will make gold even hotter than ever.
At the time of writing, the Gold market is trading at $2000. Based on the 1-hour psychological level analysis chart, $2000 currently acts as a resistance level for gold. It is expected to quickly push back against this price increase, although gold may not see a significant decrease. The expected support level could be around $1985, followed by a reestablishment of the upward trend for this precious metal.
The year 2020 is being highly anticipated by gold buyers during this time. This week, we will receive two pieces of news on November 1st and November 3rd that will make gold even hotter than ever.
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