Capital Trust
Capital Trust

Dec 08, 2016

11:10 PM EDT

  • New York close
  • London close
  • Tokyo open
  • Sydney open
Market Analysis

Home » Featured » Gold Technical Analysis for December 22, 2015

Gold Technical Analysis for December 22, 2015

Posted by FXTimes in Featured - December 22nd, 2015 6:55 am GMT

Chart setups:
Gold has finally broken above its channel resistance line and has subsequently taken out initial resistance at $1,178.00 levels as well. The long positions taken earlier worked out to be well and a corrective drop can be expected now towards $1,060.00 levels, before the rally could resume. Please note that the back side of channel line resistance would provide support around $1,067.00 levels now. Also, the probability of an extended rally towards $1,120.00/30.00 levels remains high, after a dip though. Immediate support is seen at $1,067.00 levels, followed by $1,060.00 levels (fibonacci 0.618) and lower while resistance is seen at $1,090.00 levels and higher respectively. The RSI has also moved south through the 70 levels, which indicates possibility of a corrective drop.
Trading recommendations:
Take partial profits now. Look to again go long around $1,060.00 levels.
Share!Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+

No comments yet.

You must be logged in to post a comment.

Forex, Commodities, Indices

Daily Updates

Daily Updates

Get the latest fundamental analyses, technical analyses and the most up-to-date Forex news catered to your interests, everyday.