Gold price remains supported in the short-term as it holds above the broken resistance of the ichimoku cloud and above the 38% Fibonacci retracement of the latest rise from $1,046 to $1,089.
Gold price is above the Ichimoku cloud in the 4-hour chart. This favors bulls. The price has retraced 38% of the latest rise and has successfully back tested the breakout area of $1,070. Bulls now need to break above $1,090, while bears need to see more selling pressures in gold and a push below $1,060.
The weekly chart continues to justify at least a short-term bounce towards the area of $1,120 if not towards the Ichimoku cloud near $1,150-70. This can very well being also a long-term bottom, but only a breakout above $1,200-$1,250 could increase the chances of such a bullish scenario.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
Gold technical analysis for December 9, 2015 . Thanks for your support.
No comments:
Post a Comment