Technical outlook and chart setups:
Gold seems to have bottomed out at $1,183.00 for now and preparing to rally towards $1,255.00 at least. A down side probability towards $1,170.00 (fibonacci 0.618 support) still cannot be ruled out though. It is recommended to remain long from yesterday, risk remains below $1,180.00. Immediate support is seen at $1,183.00 (interim), followed by $1,170.00, $1,140.00 and lower while resistance is seen at $1,235.00, followed by $1,255.00 and higher up respectively. Bulls are to remain under control till prices stay above $1,140.00 levels.
Trading recommendations:
Remain ling, stop below $1,180.00, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Gold for December 19, 2014 . Thanks for your support.
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