The gold price couldn't manage to make the most of its recent recovery and many traders thought it was set for more downside in the coming days and weeks. Gold trading has reflected the continued march of stocks and the capital outflow of investments halted the gold uptrend that saw the gold chart reach over $1520. But what is in store for the gold price in December 2019? The gold chart is currently around $1460 but our gold price analysis does show that the bulls seem to have lost a large part of their drive to pull prices lower. Solid support levels have held over the last weeks and the gold price in December 2019 seems poised for a rebound.
Helping the cause of the bulls are the most recent developments in what now seems like a global trade war initiated by the United States. A careful gold price forecast should take note of the tariffs against South American metal companies and the threat of levies on French goods. Both can be seen as signs of unstability and the price of gold could react by going up.
The drop in the dollar is also something that we noticed while performing our gold chart analysis - on Monday it saw heavy selling across many currency pairs and for now that seems to be the trend going forward. The gold price in 2019 has been heavily impacted by the fluctuation in the dollar and this is definitely something to check when coming up with a trading plan and gold price forecast.
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