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Gold prices remain above $1,500 per ounce

Dec 27 2019, 03:24 PM (+06) | Fortfs.com

 

Gold prices are still within the 1.5-month highs and are held above $1,500.

 

The price went up sharply before the Christmas holidays. The price growth was not associated with any fundamental factors. The main reason for this sharp increase is the low volume of pre-holiday trading, due to which the bulls were able to raise the price above the $ 1,500 mark.

 

There are no important geopolitical and economic news on the market today, so markets should be generally calm. Nonetheless, the trading volume remains low, so sharp price movements in one direction or another are still possible.

 

Regarding the chart, the price approached a very strong resistance level of 1515.00. Even in a low-liquidity market, bulls will most likely not be able to break this mark. Therefore, today we are mainly considering a scenario with the development of corrective movement towards the region of 1504.00.

 

Resistance Levels: 1515.00, 1530.00, 1555.00;

 

Support Levels: 1504.00, 1490.00, 1475.00.

 

The main scenario - a decline towards 1504.00.

 

An alternative scenario - a consolidation above 1515.00 and medium-term growth towards the level of 1530.00.

 

The fundamental outlook is neutral. The price has reached a strong resistance level of 1515.00. Within the daily framework, we give priority to shorts.

 

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