XAUUSD 2017-12-08 Intra-day analysis

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XAUUSD intra-day analysis

XAUUSD (1248.74): Gold prices fell to a 5-month low yesterday following the breach of the support level at 1262.80 level. Price action on the 4-hour chart currently shows an inside bar being formed. An upside breakout from this level could potentially suggest a retest of the broken support level for resistance to be formed. The bias remains to the downside in the near term with new sellers likely to emerge if the resistance level holds up. Alternately, in the event that gold prices break out above the 1262.80 level, we could expect to see a retest towards the 1285 resistance level.

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John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.

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John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.

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