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Technical analysis for Gold for December 26, 2018

Gold price, as expected, made new highs towards the upper border of the bullish channel, in which it has been since August. We will probably see a greater uptrend towards the 61.8% Fibonacci retracement. The bearish divergence mentioned in the previous posts have been canceled, so the uptrend remains strong.

analytics5c23616f643a4.png

Green lines - bullish channel

Maximum and minimum values of the Gold price are getting higher and higher. The price is moving to new highs and has already reached the area of $1,270. Trend remains bullish as long as the price is above the $1,250-45 area. The resistance is at $1,274 and then at $1,285-90, where there is the 61.8% Fibonacci retracement area.

The material has been provided by InstaForex Company - www.instaforex.com