11.12.201917:45 Forex Analysis & Reviews: Short-term technical analysis on Gold

Long-term review

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Gold price is bouncing back above $1,470 after testing the $1,460-50 support zone. Gold price continues to move mostly sideways within the trading range of $1,500-$1,450. This sideways consolidation is expected to end soon.

Green lines - trading range

Gold price has support at $1,460-50. The recent pull back respected this support and price is now bouncing again towards the recent highs. If Gold price manages to break and hold above $1,500, then we should expect more upside towards $1,550-$1,600. If price gets rejected once again at $1,490-$1,500 we should expect price to move back towards $1,460-50 with increased chances of breaking below this level. A break down would open the way for a move towards $1,410.

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