FX.co ★ Gold 12.16.2019 - Potential for the new down move on the Gold, potential test of the upper resistance channel

Gold has been trading in consolidation phase for days at the price of $1.477. The price is still trading in the upward cycle (channel) and most recently there is series of the higher highs and higher lows based on the 4H time-frame.

As long as the Gold is trading above the support at the price of $1.460, I expect further upside movement.

MACD oscillator is showing positive reading above the zero

Stochastic is showing fresh new bull cross, which is another sign for the further upside continuation.

Resistance levels are seen at $1.486 and $1.493

Main support level is set at the price of $1.460