Gold December 5th 2018 price action analysis
Let’s start today’s analysis from the Global Gold Ounces Weekly chart. The gold ounce has hit a key weekly resistance of $ 1236.6. This level was supportive in December 2017 and was resisted in October 2018. On the golden ounce daily chart, the market is on the upside channel and the ounce of gold is set to a resistance of $ 1236.9 a day.
On a four hour charts, a fake breakdown occurred at a weekly resistance of $ 1236.6, and the gold price rose to 12.45-12.43 at 12.45 hrs. If the gold chart is set to close below the weekly resistance and collapses in the form of a resistance, the gold price could be expected to fall. Especially that the RSI indicator is also involved with the saturation range of purchases.
Price action strategy
The closing of the charts below $ 1236.6 can be enough to enter the ounces gold deal. The first profit margin for the sale of an ounce of gold would be $ 1,1228.00 at $ 1228. Although the quarterly demand zone of 1232.8-1.229.6 is set against vendors, the $ 4,128 four-month support is stronger.