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GKFX

3 December 2018

Forex Technical analysis Fundamental analysis

Gold Price Retreats to $1,230

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After clinching tops near $1,233, the ounce troy of the precious metal has now come under some selling pressure following the rebound in the buck.

December 3, GKFX – The yellow metal picked up extra traction and managed to clinch fresh 2-month tops in the boundaries of $1,233 per ounce in response to the initial weak tone surrounding the greenback.

Gold looks to risk trends, US data

In fact, the buck edged lower during early trade following easing concerns on the US-China trade front after the Trump-Xi 90-day truce reached at the G20 event over the weekend.

Looking ahead, today’s up move in Gold should be under scrutiny in light of the upcoming key US ISM manufacturing and critical FOMC speakers, including Clarida, Brainard, Quarles and Williams.

Gold price forecast

As of writing Gold is gaining 0.51% at $1,228.48 and a breakout of $1,232.30 (high Dec.3) would open the door to $1,243.73 (high Oct.26) and finally $1,257.81 (200-day SMA). On the flip side, the next up barrier is located at $1,220.04 (21-day SMA) followed by $1,196.29 (monthly low Nov.13) and then $1,180.74 (monthly low Sep.28).

Disclaimer

This article was provided by 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.

FOMC G20 Summit gold price forecast
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarketz.com, nor should they be attributed to AtoZMarkets.

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