December 13, 2019
Bounce from November 12 low of $1445 seems over, now spot gold expected to test support at $1455 per ounce, a break below may lead movement towards $1440.
Downtrend from September 4 high of $1557 is still intact, as confirmed by its five-wave structure. This fifth wave ended around a falling trendline.
Resistance is at $1478, a break above which could lead to gain to $1492. On daily chart, gold has completed consolidation and is expected to move towards $1417. More realistic point is $1446, the 38.2% retracement of uptrend from $1266 to $1557.« Back to News & Reports List