Get updated on the 19 December Gold Price Technical Forecast. It reveals that the yellow metal defends 38.2% Fib retracement support as it adds credence to bullish reversal confirmation.
19 December, GKFX – Gold prices retreated from yesterday’s 11-day high of $1264 but has defended the 38.2% Fib mentioned above.
The move higher seen yesterday added credence to the bullish reversal argument put forward in the price action post-Fed.
- Gold holds above $1260.44 (38.2% Fib R of Nov/Dec sell-off).
- Adds credence to bullish reversal confirmation.
As of writing, the yellow metal is trading at $1272/Oz levels. Further gains could be on the cards as indicated by the bullish crossover between the 5-day MA and 10-day MA. That said, the US 10-year treasury yield has could rise above 2.4 percent in a convincing manner if the US housing data due today beat estimates by a wide margin.
The rising Treasury yield could put a bid under the US dollar and hurt the yellow metal. Also, the strong bid tone in the US stocks could keep the investors away from the zero-yielding gold.
19 December Gold Price Technical Forecast
A move above $1264 (previous day’s high) could yield $1267.67 (50% Fib R of Nov/Dec sell-off) and $1271.28 (200-day MA). On the downside, breach of support at $1260.44 (38.2% Fib R of Nov/Dec sell-off) would expose support at $1257 (5-day MA) and $1251.10 (23.6% Fib R of Nov/Dec sell-off).
This article “19 December Gold Price Technical Forecast ” was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.