Gold: Weekly Forecast 30th Dec - 3rd Jan 2020
Finally, having talking about the trend which will come after the 3-month consolidation since mid-November, the gold has TRENDed!
Gold climbed and broke above the 3-months falling trendline at the beginning of this Christmas week.
And during Christmas eve, we saw a decisive bullish run which broke further away from the consolidation and it now stands above 1500.
At the same time, we are also seeing a drop in the demand of the dollar which definitely helps boost demand for the gold.
As of current, the price is seen resisted by a 3-month supply zone just above 1515 and it's going to take gold quite a bit of effort to continue north.
In this week, we are expecting a short-term consolidation as we head into a new year with too little economic events to bring about volatility.
It is a good time for traders to identify the low for reentry before the gold continues its bullish trend.
Gold climbed and broke above the 3-months falling trendline at the beginning of this Christmas week.
And during Christmas eve, we saw a decisive bullish run which broke further away from the consolidation and it now stands above 1500.
At the same time, we are also seeing a drop in the demand of the dollar which definitely helps boost demand for the gold.
As of current, the price is seen resisted by a 3-month supply zone just above 1515 and it's going to take gold quite a bit of effort to continue north.
In this week, we are expecting a short-term consolidation as we head into a new year with too little economic events to bring about volatility.
It is a good time for traders to identify the low for reentry before the gold continues its bullish trend.
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