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09.12.201922:48 Forex Analysis & Reviews: Directionless start of the week for Gold price

Long-term review

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Gold price traded inside an $8 dollar range on Monday, without a clear direction. Medium-term trend remains bearish as price is still below the major resistance of $1,490-$1,500, while short-term trend is supported by $1,450-55.

Green lines- bearish channel

Gold price remains inside the bearish channel. Channel resistance is found at $1.490 while the lower channel boundary is at $1.410-30. The $1,450-55 area is also critical support, because if this level fails to hold, then the chances of seeing $1,410 are going rise dramatically. Breaking above $1,490 will also increase the chances of seeing 2019 highs and maybe manage to produce new ones.

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