empty
 
 
05.12.2014 08:06 AM
Technical analysis of Gold for December 05, 2014
This image is no longer relevant

Technical outlook and chart setups:

Gold has been trading around the $1,201.00/1,207.00 region lately. As discussed earlier, the metal could be looking to retrace lower from here before rallying further up.  A drop can be expected into the $1,175.00/80.00 region at least before the rally could resume towards fresh highs. The potential upside targets are $1,237.00 and $1,255.00 respectively. Immediate support is seen at $1,175.00 (fibonacci 0.618 support), followed by $1,142.00, $1,130.00 and lower while resistance is seen at $1,235.00, followed by $1,255.00 and higher up respectively. A rally higher should be favored, after a pullback though.

Trading recommendations:

Remain flat for now. Looking to enter long around $1,175.00/1,180.00.

Good luck!


Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback