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The news that warren buffet has joined the gold rush and turning some of the firm investment in Gold are giving a boost for the precious metal. Gold has fallen sharply last week after reaching all time high at 2060$ area. Gold found support at 1860$ area and reversed back up sharply to trade currently at 2000$ area again. I dont believe this reversal will last long , we will have some range trading between 1930$ and 2020$ area for a long while before breaking below 1860$.   This view is invalidate if gold breaks above 2020$ area.

Below is my technical analysis for Gold (xau/usd) on dec. 24 ,2018: Gold rallied more than 50$ during the last month of trading. The precious metal is currently trading at 1267$ which is 50% retracment fibonnnaci area (the fall from 1350$ to 1160$). This area might provide bears good reason to short Gold at current area (1267$)with target around 1235$ area. Also , on RSI indicator , gold (xau/usd) is approaching over bought levels. Feel free to share your ideas regarding gold in medium and short term period.

Do you think gold has bottomed at 1196$ ?! definitely , and its first resistance area to break is the 1235$ . The rally from 1196$ to 1223$ at the time of writing is technical driven , however the catalyst was brexit deal news , cabinet support and ministers resignation. Would that rally vaporize anytime soon?! Nooo...big no , for real. Soon enough we will see 1250$ . dont get trapped shorting the precious metal before 1500$ is seen ... Be a friend to the trend if you wanna make some money trading gold in 2019.

Gold is unable to close above 1200$ , unable to keep any gains . now trading at 1193$ , yesterdays low was 1187$ , it has more room to 1178$ before it can rebound again. . Any break below 1178$ , will open the road for the breaking the famous 1160$ and increase the probability of breaking below 1000$ .. Key level here 1160$ ...if broken , gold will definitely get below 1000$ in few weeks. 1178$ is the last defense line before 1160$ . Next resistance 1196$ , if broken , we will definitely regain bullish stance. My recommendation is selling at current level 1193$