Overview:
Since our last analysis, gold has been trading sideways around the price of $1,078.00. In the daily time frame, I found a strong demand bar, which is a sign that selling looks risky. The trend is downward in the mid- and long terms. In the 4H-time frame, we can observe successful breakout of strong trendline and broken 200 SMA which gave us a sign that we may see further upside. The first resistance is seen at the level of $1,088.70. Key price action resistance is around the price of $1,100.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,080.50
R2: 1,083.20
R3: 1,087.50
Support levels:
S1: 1,071.90
S2: 1,069.22
S3: 1,064.90
Trading recommendations: Watch for potential buying opportunites, selling looks risky.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Gold: analysis for December 22 , 2015 . Thanks for your support.
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