Relevance up to 07:00 2019-12-05 UTC–8
Gold price has reached $1,480 which was our target since we saw that the key support at $1,450-60 was respected. We noted on time the bullish divergence before the first leg up towards $1,478 and since respecting the recent lows we warned again of another leg higher towards $1,480-90.
Green lines – bearish channel
Red line – RSI resistance
Orange rectangle – target
Gold price is moving higher today towards the upper channel boundary and major Fibonacci resistance at $1,490. From the end of last week and early this week we noted that we changed our view to short-term bullish and that the risk reward favored bullish positions. Now Gold is approaching important resistance area. If bulls manage to recapture $1,490-$1,500 then we could see Gold price move much higher. Until then we need to keep a close eye on the resistance as a rejection at $1,490-$1,500 would be a bearish sign.
*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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