Gold to retest trend channel resistance

24 December, 2018

The precious metal's corrective slide on Friday, from near six month tops, stalled ahead of an important confluence resistance break-point now turned support.

The mentioned support comprises of the very important 200-day SMA and 61.8% Fibonacci retracement level of the $1309.30-$1160.19 mid-June to mid-August downfall. 

Meanwhile, the recent upsurge over the past four weeks has been along a short-term ascending trend-channel and the price action reaffirms last week's bullish breakout.

Bullish technical indicators on the daily chart are still far from being in the oversold territory and thus, support prospects for an extension of the bullish momentum. 

The up-move, however, is likely to take a brief pause near the trend-channel resistance, currently near the $1270 region, amid year-end thin liquidity conditions.


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