Forex Forecast: Pairs In Focus - Sunday, Dec. 9

GBPUSD

GOLD

The weekly chart below shows last week produced a strongly bullish candlestick, of a large range and closing very close to its high. We now have a long-term bullish trend here and it is particularly noticeable as the price has now broken strongly above the former long-term resistance at $1235. However, bulls should beware resistance at the major quarter-number of $1250. Gold has been boosted by a risk-off sentiment which has been triggered by renewed U.S. – China tension, causing stocks to sell off. If this environment continues, Gold is likely to continue to rise over this week.

GOLD

Conclusion

Bullish on Gold against the U.S. Dollar.

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