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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