Gold is facing bullish pressure, potential for a further rise

Dec 15, 2020

Price continues to face bullish pressure from our first support level at 1817.72, in line with our 78.6% Fibonacci extension, 50% Fibonacci retracement and horizontal pullback support, where we could see a potential further rise up to our first resistance level at 1875.34, which is in line with our 50% Fibonacci extension, 78.6% Fibonacci retracement and horizontal swing high resistance. It is worth noting that price has just crossed above EMA (55), showing bullish pressure in line with our analysis.

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