Gold price made a low yesterday around $1,763 inside our target area of $1,770-$1,750. Gold price today is back above $1,800 in a strong bounce. Such a bounce is natural to be seen in strong downward moves and we still consider it as a counter trend relief bounce.
On a monthly basis Gold price has reached the tenkan-sen (red line indicator). It is important to see if December closes below the tenkan-sen or above it. A close below the tenkan-sen will open the way for a move towards the kijun-sen (yellow line indicator) now found at $1,635. In between we find important support on our second target of $1,725 where we also find the 38% Fibonacci retracement.
In the Daily chart Gold price remains below the tenkan-sen indicator found at $1,821. Next important short-term resistance is at $1,865. It is important for bulls to recapture the tenkan-sen in order to hope for a bigger bounce towards $1,865. A rejection at $1,820 and failure to stay this week above $1,790 will be a bearish sign.The material has been provided by InstaForex Company – www.instaforex.com
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