The 4 December Gold Price Technical Forecast reveals the precious commodity pushing lower. The technical structure confirms the end of the consolidation phase.
4 December, Swissquote – Gold prices are under pressure early Monday by rising U.S. Treasury yields, a stronger U.S. Dollar and boosted appetite for higher-yielding assets. The moves are being driven by anticipations that the U.S. economy will grow further after the Senate passed a bill to overhaul the country’s tax system on Saturday.
The U.S. Senate approved the overhaul of the U.S. tax system, bringing the Republican Party and President Trump closer to their goal of cutting corporate taxes and the rich while offering middle-class Americans a less-pronounced number of changes.
4 December Gold Price Technical Forecast
• Gold is pushing lower. The technical structure confirms the end of the consolidation phase. Support lies at a distance at 1251 (08/08/2017 high). Resistance is located at 1288 (20/10/2017).
• In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary to confirm it, A major support can be found at 1045 (05/02/2010 low).
This article ‘ 4 December Gold Price Technical Forecast ‘ was written by Yann Quelenn, Market Analyst at Swissquote.
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