Relevance up to 13:00 2020-12-04 UTC+3
GOLD PRICE OUTLOOK
Gold fell beneath $1,800 for the first time since mid-July last week despite the dollar weakness. But, Gold edged higher through the early European session and climbed to eight-day highs around the $1,845 region in the last hour by extending the bounce off monthly lows near $1,760 (November 30)
The bullish break above $ 1,818 as mentioned previously, now opens doors to a further upside. To the topside, a recovery higher might encounter resistance around $1,850 and $1,920. Next critical levels to look are set at the $1,850 level, the previous long-held support now a powerful resistance. $1,850 level coincides with fibonacci 61.8% retracement of the 16-30th November bearish move.
An alternative scenario below $1,818 suggests a further downside with $1,800 & $1,770 as targets.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.