Gold found resistance at 1730 on Friday, the 50% retracement of the fall from 1755 to 1705 on Wednesday. After failing to break this resistance level, gold sold off, finding support again in the 1700-1710 major support area.
Whilst the daily chart does not look strongly bullish after last week's price action, as long as the price remains above this support zone and the rising trendline, now at 1700, the prevailing trend is up and the price will rise over time.
A failure to hold the critical support area will see us revise our bullish stance.
For our subscribers at www.goldtradingexperts.com, today's video looks back at the trading in November and our thoughts for December.
Whilst the daily chart does not look strongly bullish after last week's price action, as long as the price remains above this support zone and the rising trendline, now at 1700, the prevailing trend is up and the price will rise over time.
A failure to hold the critical support area will see us revise our bullish stance.
For our subscribers at www.goldtradingexperts.com, today's video looks back at the trading in November and our thoughts for December.