Tuesday 19 December 2017

Gold remains in a broader downtrend

Gold revisited December 6th high’s at $1265 today but shortly afterwards reversed its course and entered into NA session at $1259. As it is seen on the daily time frame XAU/USD bounced form the resistance turned into support at $1260 price zone and the current market price is $1261.50. However even having short term positive outlook, the price remains within the broad downward channel.  Meanwhile the price is about to cross to above the recent rising trend line, but even so, this will shift again focus back to the downside. According to indicators on the daily chart we may expect a flirt with the top side of the same channel and even higher resistance levels. But in the short term game remains bounded as the rising trend line may use a gauge for when price might turn back down. 


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