empty
 
 
11.12.2018 09:29 AM
Technical analysis for Gold for December 11, 2018

Today we take a look at the weekly chart of Gold. Gold price made an important low back in August and since then it is rising. There is potential to move towards $1,300 again but losing $1,200, could be disastrous for bulls.

This image is no longer relevant

Gold has made a double top on a weekly basis around $1,340-50 area. This is a major resistance level. Breaking above it would open the way for a move towards $1,450-$1,500. Gold during September tried to make a higher high but got rejected. This was a bearish sign of weakness. However the pull back respected the upward sloping trend line and did not make a lower low. Gold price is now bouncing off the upward sloping trend line once again and this could unfold into a bigger rally towards the upper trend line resistance. In the short-term Gold is heading towards $1,250-60 or higher towards $1,285 where we find the 61.8% Fibonacci retracement of the entire decline.

As long as Gold price is trading above $1,200-$1,220 bulls remain in control of the trend. If that level fails to hold, we should expect heavy selling to push prices towards $1,000 or lower.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $1000 más!
    ¡En Abril, sorteamos $1000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback