Gold December 6th technical analysis
We start today’s analysis from the ounces of gold weekly chart. The gold ounces weekly chart is trying to cross the 1236.6 dollar resistance. If the market continues to climb, the next target will be a resistance of $ 1,260.-8. The pattern AB = CD is also being completed. On the daily chart of gold ounces, the market is trying to cross the 1236.9 dollar resistance. If this happens, the Channel Resistance will be the next target from the peak of $ 1214.3. It should be noted that the channel’s daily resistance is good with a 1260-dollar weekly resilience.
On the charts of the ounce, the global gold market reacted to the supply region at 1245.0-1240. However, the ounce has not yet been able to cross the demand zone from 1232.8 to 229. 6. This is not a good sign for ounces of gold sellers, and a lot of buyers are back at $ 1228.7. This four-hour support appeared in the form of resistance in late November.
Price action strategy
Now you have to act with caution. While sellers have not yet entered the market for long-term resistance, and the quarterly demand zone has limited downside movements, entering a sales deal can be hard work. Still, long-term resistance has not been broken. For this reason, you must also be careful about entering the purchase deal. Based on the above, it’s best to refrain from trading ounces of gold today.