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Market Analysis

Home » Featured » Gold Technical Analysis for December 14, 2015

Gold Technical Analysis for December 14, 2015

Posted by FXTimes in Featured - December 14th, 2015 8:00 am GMT

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Chart setups:
The 4H chart presented here indicates that Gold had dropped earlier towards $1,062.00 levels as per projection of the counter trend, which was expected to be 3 waves down from the $1,090.00 highs. Pleas note that the yellow metal has bounced now producing an engulfing bullish candlestick pattern as well around the $1,062.00 levels. The metal is already trading higher at $1,075.00 levels and a push through $1,084.00 now, would confirm and accelerate the counter trend rally towards at least $1,110.00/15.00 levels in the coming trading days. Also, the bounce has come from just above the immediate resistance trend line which acts as support now. Immediate support is seen at $1,057.00 levels while resistance is seen at $1,084.00 levels respectively. Only a break below $1,045.00 levels would see new lows at $1,030 and below $1,000.00.
Trading recommendations:
Long from $1,062.00, stop at $1,045.00, target $1,110.00 at least.
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