Relevance up to 08:00 2019-12-04 UTC–8
Gold price bounced to $1,467 last week only to see price turn back down to $1,453 at the premarket session today. However bulls have respected support once again and price is moving towards last week’s highs again.
Blue line – resistance trend line
Gold price has back tested successfully the broken blue trend line resistance and is bouncing off of it. Resistance is at $1,470 and next at $1,490-$1,500. Support remains key at $1,450-55. I expect Gold price to continue the upside bounce and remain bullish as long as Gold price is above $1,450. Next upside target is at $1,490.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Alexandros Yfantis,
InstaForex Group © 2007-2019
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