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16.12.201900:08 Forex Analysis & Reviews: Weekly analysis of Gold

Long-term review

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Gold price is trading right below the important medium-term resistance area and previous support at $1,490-$1,500. Short-term trend remains bearish as long as price is below that level, however the price pattern looks very similar to the price action during the start of 2019.

Gold price back then formed a similar bullish flag pattern. We all know what followed. Gold bulls have a similar opportunity now. If Gold price recaptures $1,500 then we turn bullish looking for new highs towards $1,600 and higher. Support is found at $1,450. As long as price is above that level bulls maintain their hopes. If support fails to hold, then we should expect $1,400 to be challenged.

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