Gold December 10th 2018 price action analysis
Over the past week, ounces of gold went up by 1236.6 dollars a week. Currently, this weekly resistance has become supportive. If buyers continue to support the market, the next week’s resistance will be $ 1260.8. Also, this weekly resistance with the completion of the AB = CD pattern and Fibonacci retracement of 50% is $ 4,1263.
On the daily chart of gold ounces, the resistance market has shifted 1236.9 dollars to support, and the daily ounces of gold may be set to rise to 1214.3. The roof of the canal with a 1260 8-weekly resilience is in good agreement. On the chart, the Ounces of Gold rose by 87 percent and traded at $ 87.9 per ounce on Friday. US weak economic reports supported the market, and the four-hour chart could challenge the $ 1253.5-1248 range for $ 8.
If the market opens up the downside of the range, then the next-ounce support will be $ 1239.8. The RSI indicator is also in the range of purchasing saturation, indicating divergence in the market. It is not clear, however, whether the current four-hour supply area can resist long-term buying pressures.
Price action strategy
Regarding long-term charts of continuing bullish movements, it should be cautious about entering the trading deal from the four-hour supply range of 1253.5-1248.8. It might be better to wait for a 4-Kundel downhill before the purchase of an ounce deal. It should also be noted that maybe an ounce of gold comes from a quarter-mile supply and after colliding with a four-month support of $ 1239.8, it will move toward a 1260-weekly resistance of $ 8 a week.