Gold price is at the important resistance area of $1,239-43.50. Trend remains bullish in the short-term as price remains inside the bullish channel.
Blue area -major resistance
Purple lines – bullish channel
Green line -major trend line support
Blue line – important short-term trend line support
Gold price has not made any progress yesterday as price moved mainly sideways. Gold price remains in a bullish short-term momentum but also below major resistance area. A rejection here could bring Gold price back towards $1,220. Breaking below $1,220 would open the way for a move towards the green trend line support. Bulls are in control of the trend as long as $1,220 holds. The $1,210 low that was made at the end of November is very important support. If broken the upside will be over for Gold and I will focus on the downside.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is at the important resistance area of $1,239-43.50. Trend remains bullish in the short-term as price remains inside the bullish channel.
Blue area -major resistance
Purple lines – bullish channel
Green line -major trend line support
Blue line – important short-term trend line support
Gold price has not made any progress yesterday as price moved mainly sideways. Gold price remains in a bullish short-term momentum but also below major resistance area. A rejection here could bring Gold price back towards $1,220. Breaking below $1,220 would open the way for a move towards the green trend line support. Bulls are in control of the trend as long as $1,220 holds. The $1,210 low that was made at the end of November is very important support. If broken the upside will be over for Gold and I will focus on the downside.
The material has been provided by InstaForex Company – www.instaforex.com
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