Ichimoku cloud indicator short-term analysis of Gold for December 12, 2019

Gold price bounced towards the major resistance of $1,490-$1,500 today and got rejected once again. Price reached $1,486 and made a higher high relative to last week, but bulls were unable to hold it and price has pulled back $20 since that high.

Price is trapped between the kijun- and tenkan-sen indicators. The tenkan-sen resistance is at $1,481 while the kijun-sen is at $1,444. Breaking either level will bring a big increase in volatility. If support at $1,450-44 fails to hold I expect Gold price to move towards $1,410 fast. If resistance at $1,485-90 is broken I expect Gold price to recapture $1,500 and start its next leg higher.The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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