For Traders

Analytical Reviews

Technical analysis

03.12.202012:11 Forex Analysis & Reviews: Gold Price Forecast for December 3, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

GOLD PRICE OUTLOOK

Gold fell beneath $1,800 for the first time since mid-July last week despite the dollar weakness. But, Gold edged higher through the early European session and climbed to eight-day highs around the $1,845 region in the last hour by extending the bounce off monthly lows near $1,760 (November 30)

The bullish break above $ 1,818 as mentioned previously, now opens doors to a further upside. To the topside, a recovery higher might encounter resistance around $1,850 and $1,920. Next critical levels to look are set at the $1,850 level, the previous long-held support now a powerful resistance. $1,850 level coincides with fibonacci 61.8% retracement of the 16-30th November bearish move.

An alternative scenario below $1,818 suggests a further downside with $1,800 & $1,770 as targets.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.