💫Gold. Forecast for December 12-16

Gold. Review of December 12


Daily timeframe.
1) Gold makes a false break of resistance 1802, but closes near the level, which indicates a high chance of continuation of the movement
2) The trend is upward.
3) RSI is in the bullish zone and shows the strength of the buyers.
4) Price is approaching the level slowly, in a pace of consolidation. Energy is gaining for continued growth
5) Price is set to move forward. The target zone is 1840-1860.

I expect a small pullback from the market opening on Monday and then a retest of the 1802 level and a breakout.


Hourly timeframe (main chart)
1) Gold is moving in line with the trend.
2) The price makes a false breakout, but the session closes under the level.
3) The price is likely to return to the level, after the false breakout.
4) Gold is in a volume density zone, I think price will make a small pullback on Monday (possibly to 1795 or 1785) to strengthen this level.
5) Futures have bullish potential.
6) We should look for buy patterns:
- Either from 1795 or from 1784 (pullback strategy)
- Or on a breakdown of 1803.