Gold Price Analysis December 2020 | Is Sell-Off Over for Gold?
The spark of optimism that was set off by news of successful trials of the Pfizer coronavirus vaccine has put pressure on the gold price. Currently the yellow metal is still holding up above the strong support level of $1800 in the gold chart. However, there are clear signs in the gold analysis of sustained bearish momentum.
In addition to the vaccine, there have been promising signs of an economic rebound that have also put further pressure on the gold price today. Another factor that has a finger in the gold price December forecast is the easing of tensions around the US presidential election. With the uncertainty subsiding, the markets are reacting accordingly – and so is the gold price chart.
For now, as long as the yellow metal continues to trade below the former support level of $1850, the steady bearish trend will remain in the gold price analysis. If, however, there’s a break below the 200-DMA support of $1798 in the price of gold, December may see a much sharper drop. In that case, the gold December 2020 chart will likely even record declines all the way to $1765
Watch our full gold chart analysis and tell us below about what you think of our gold price prediction for the coming weeks. Our gold price analysis (December 2020) will show you the support and resistance levels you need to watch over the coming weeks and months.
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00:30 Gold Frustration
01:31 Open Trades
01:58 Gold Update
02:26 Weekly Recap
03:01 Gold News
05:42 Support & Resistance
06:07 Long Term Trend
07:08 Chart Analysis
10:22 Opening Order
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