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08.12.202013:47 Forex Analysis & Reviews: Gold Price Analysis for 8 December

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GOLD PRICE FORECAST TALKING POINTS:

After almost four months, bulls appear to be getting back in control.
Gold prices are now testing resistance at a critical zone of prior support – the same zone that kept the low for more three months before

Gold surrendered a major part of its intraday gains to over a fortnight and was trading above the $1,860 level, nearly unchanged for the day. Vaccine hopes with uncertainty surrounding Brexit and US stimulus keep traders cautious and favor the yellow metal.

Gold currently up around $1,871 high during the pre-European session trading on Tuesday. The yellow metal recently benefited from the extension of mild risk aversion as well as the US dollar's failures to keep the previous two days' recovery moves.

Gold: Key levels to watch

A sustained break of $1,870 gives the gold buyers targeting $1,890 upside resistance, coincides with 61.8% Fibonacci retracement level of the bearish move from 9-30 November.

Though, the one-day (D1) Resistance respectively around $1,860- $1,870 can offer an intermediate halt during the push upside. This critical psychological barrier coincides with the 50% Fibonacci retracement. If today shows a close at resistance with rejection, the door could remain open for short-term bearish swing strategies.

Meanwhile, a downside break of $1,858 previous swing low on the 4-hour chart , will awaken the sellers targeting $1,842 and further south awaits $1,1815

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