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12.12.201808:38 Forex Analysis & Reviews: Technical analysis for Gold for December 12, 2018

Long-term review

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Gold price is trading inside a bullish channel. Daily trend is bullish. Gold is making higher highs and higher lows since last August and could see $1,250-60 area over the next couple of weeks.

Green lines - bullish channel

Blue rectangle - short-term support

With short-term support and previous short-term high at $1,230, we could see a pull back towards that area before the resumption of the up trend we are currently in. Gold bulls do not want to see price break out and below the $1,210 channel support. A bearish confirmation will come with the break of $1,196. On the other hand bulls want to see this price action of higher highs and higher lows continue. Resistance is at $1,264.

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