Gold prices got another shot-in-the-arm in early-December, pushing above the 1800 psychological level and eventually finding resistance in a block of prior swing highs, plotted from around 1819 to 1824. This was the same spot of resistance that caught the highs in August before the sell-off pushed down to that key support test at 1628, just before the November reversal began. Bulls shied away from a re-test of this zone last Friday, but this morning’s move saw prices breach-above before pulling back. And at this point, buyers are trying to hold support in that same spot, on a short-term basis.
For bullish continuation scenarios, if buyers can hold the higher-low, whether its in the 1819-1824 zone or whether its above the 1800 psychological level, the next major spot on the chart is 1848, which is the 50% marker of this year’s major move.
Be careful of your trades TONIGHT!
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