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Gold Technical Analysis for December 17, 2015

Chart setups:
The 4H chart presented here indicates that the yellow metal is stuck between 2 trend lines and bouncing between the support and resistance respectively. As seen here, Gold had broken above the immediate resistance line and made highs at $1,090.00 levels earlier. Since then it has been producing a complex correction, bouncing off the resistance and support lines respectively. There are 2 probable counts coming up here: 1. A complex correction which could find bottom around $1,052.00 levels or 2. A continued downtrend that could extend through the $1,000.00 levels and even lower. It is good to watch out for a reaction around $1,052.00 levels. Immediate support is seen at $1,045.00 levels while resistance is seen at $1,090.00 levels respectively. The RSI is also trading between 40 and 50 levels, in line with the price action.
Trading recommendations:
Flat for now.
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