Gold extends gains above 100 MA

26.12.2019 / 20:52

Rating:

We have close above the 100 daily MA on Christmas Eve.

The price of gold is trading up $10 today. The peak price reached $ 1512.68. The bottom was $ 1497.59. On Christmas Eve, the price ended the session at $ 1499.84.

Technically, the price has extended its movement over the 100 МА on daily chart for the first time since November 7th. The close on Christmas Eve was just below 50% of the Fibonacci Level, measured over the last 4-month range. Wednesday comes at $ 1501.41.

Today's gains have eliminated 100 MA from the sight of short-term traders, as well as 50% Fibonacci level, which already plays the role of support / former resistance. If the price remains above both zones, buyers remain in control of the market.

The next potential ceiling comes at 61.8% Fibo at $ 1514.55. Above it is the October top of $ 1519.65.

Trader Aleksandar Kumanov

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Gold extends gains above 100 MA

London

Universal numbers