Gold prices pushed sharply higher on Tuesday but have stalled ever since. Has the recovery rally completed? I think it has.
Gold prices show promising signs of recovery in December
The price of gold was little changed following yesterday’s Fed meeting minutes. Significant resistance remains overhead, although the yellow metal is showing resilience as it continues to get bid on dips.
Gold price caught a firm bid in North American trading on Monday, will buyers step in to lift the yellow metal higher again today?
The yellow metal continued higher in early trading on Thursday but is starting to near some important technical resistance levels.
The price of gold rose in early trading on Wednesday as risk assets eased lower. The yellow metal is on track to post a reversal candle which could lead to a bit more upside.
A sharp fall in the price of gold on Tuesday has brought the bears out of the woodwork.
Gold is resilient but risk sentiment is increasingly positive, the dollar is at important support, and there is some major resistance in play.
Gold prices have rallied since the Fed meeting, leading to a significant breakout. I expect dips will be bought in the near-term, even if the US jobs report triggers a downward move.
Gold prices have shown a pattern of rallying in the days that have followed Fed meetings in the year thus far. This time around, it might just lead to a significant breakout.