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Gold Technical Analysis for December 11, 2015

Chart setups:
The 4H chart view presented here might be indicating that the yellow metal could be looking to extend its counter trend rally through the $1,110.00/20.00 levels in the sessions to come. Looking into the wave count, the rally from $1,045.00 through $1,190.00 levels looks to be an impulse (5 waves). A corrective drop (3 waves ) might be unfolding now, which could end around  $1,060.00 and $1,055.00 levels, before the next rally could resume (wave 3, impulse). It the above wave count is true, we should see prices bottoming near $1,055.00/60.00 levels and bouncing back higher towards $1,110 at least. Immediate support is seen at $1,060.00 levels, followed by $1,045.00 and lower while resistance is seen at $1,100.00 levels respectively. Also note that the RSI is dropping lower towards the 30 levels now.
Trading recommendations:
Flat for now. Look to go long on a bounce from $1,060.00 levels.

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