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Long-term review

Gold price remains under pressure, and we have not seen yet another breakout or bullish signal. This will happen only if the price breaks above $1,080. Gold price has stopped moving to lower lows and this increases the chances of a weekly bounce towards at least $1,120.

Exchange Rates 14.12.2015 analysis

Black line - resistance

Green line - support

In the 4-hour chart, gold price remains above the Ichimoku cloud support. Important short-term resistance is found at the black downward sloping trend line at $1,080. Support is found at $1,060. Breaking above $1,080 will increase the chances of a move towards $1,100-$1,120. Breaking below $1,060 will open the way to $1,000.

Exchange Rates 14.12.2015 analysis

Nothing new is happening in the weekly chart. Oversold stochastic and RSI turning upwards. Selling pressure stopped pushing the price towards new lows and we should expect a strong bounce soon. However, with the FOMC meeting taking place this week, traders should be very cautious.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2019
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