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Home » Featured » Gold Technical Analysis for December 31, 2015

Gold Technical Analysis for December 31, 2015

Posted by FXTimes in Featured - December 31st, 2015 5:59 am GMT

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The 4H chart view presented here indicates that Gold has retraced to measured levels around $1,060.00 yesterday. The metal could retest lows before rallying further, but looking into the wave structure here, the next big move should be seen on the north side. Also please note that $1,060.00 levels is the fibonacci 0.618 support level of the rally between $1,047.00 and $1,081.00. Furthermore, prices are bouncing off the back side of the resistance line, which would act as support now. A potential inverted head and shoulder structure is also seen to be unfolding with $1,060.00 being its right shoulder and $1,047.00 as head. Looking into all the above evidences, it is safe to predict that the next leg should be higher towards at least $1,102.00 levels in the coming sessions. Finally, the RSI is also reversing from 30 levels which is encouraging to bulls.

Trading recommendations:

Long now, stop at 1047.00 target $1,102.5

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