10.12.201800:38 Forex Analysis & Reviews: Technical analysis for Gold for December 10, 2018

Long-term review

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Gold price respected the support at $1,236 and bounced strongly to new higher highs. Trend remains bullish in the short-term at least as long as price is inside the bullish channel making higher highs and higher lows.

Purple lines - bullish channel

Blue line - trend line support

Green line - major support

Gold remains bullish as price broke above the 38% Fibonacci retracement level and is now heading most probably towards the 61.8% Fibonacci level. Support is found at $1,240. Gold bulls are in control of this trend as price is breaking towards new higher highs.

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