How high can the market go? Gold XAUUSD Analysis for OANDA:XAUUSD by pipsinsider — TradingView

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Trading Idea: Long
Buy Area below: $1,770
Stop Loss: $1,735
Take Profit: $1,880

Today Gold reached levels below $1,770, before bouncing back above $1,800. It lost a bit more than 14% since the last surge marking an all-time-high level above $2,070.

Investors turned to riskier assets since the popular vote chose Biden as the 44th President of the USA. On the Monday that the the results were confirmed the markets surged and Gold took the bears having the first hit which continued with a bloodpath as Pfizer announced positive news for their early results from the coronavirus vaccine trial with their 90% effectiveness.

Optimism continues with more Companies releasing covid-19 vaccine effective rates and countries laying out their plans on distribution dates to citizens .

At the same time those events could either be the prophecies that things are actually going good or smoke around the huge bubble before a highly anticipated crash of the markets.

Fiscal and monetary policies are testing the nerves of the markets.

The world economy is standing on stimulus plans.

How high can the market go?

On Tuesday, one day after Cyber Monday and Black Friday, the markets surged and visited uncharted territory. This makes it a good potential opportunity to go long and find support levels to enter. You can see our support and resistance levels indicating the area the market will be bouncing within the borders.

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