Technical outlook and chart setups:
Gold has rallied through $1,046 (lows of last week), and $1,090.00. The metal is trading around the level of $1,086.00 at the moment looking for a push through one more high at around $1,100.00 before pulling back again. Immediate support is seen at $1,082.00, while resistance is seen at the level $1,100.00 and higher respectively. It is recommended to remain flat looking for a bearish reaction around the level of $1,100.00. Please note that $1,100.00 is also the Fibonacci 0.382 resistance of the entire drop from $1,190.00 to $1,146.00.
Trading recommendations:
Remain flat now.
Good luck!
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 Technical analysis of Gold for December 07, 2015 . Thanks for your support.
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