12.08.201916:10 Forex Analysis & Reviews: Gold 08.12.2019 - Completed ABC downward correction, re-load long positions

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Gold has been trading upwards in past 5 hours and in my opinion there is a completion of the abc downward correction. Support at the price of $1.487 held successfully, which is good sign for higher price.

Orange horizontal lines: Resistance levels ($1.510-$1.520)

Red lines – Broken bullish flag

Green rectangle – Key support zone ($1.489)

Gold is in strong bullish trend relative to previous 20 days and In my opinion the best thing to do is to watch for buying opportunities on the dips. Level around $1.5000 seems like a good level to re-load buying orders. Upward targets are seen at $1.510 and $1.520.

MACD oscillator is picking up momentum and it is in positive territory, which is good sign for further rally.

Trading recommendation:

According to current market conditions, my advice is to watch for buying opportunities and go with the direction of the overall trend. Targets are seen at the price of $1.510 and $1.520..

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