1 December 2017, 17:45
Dragan Drenjanin

GOLD : Technical opportunity
Date of analysis 01 December 17


  • Opinion Short Term Positive
  • Resistance 1 1325.17USD
  • Support 1 1254.3USD
  • Opinion Mid Term Bearish
  • Support 2 1240.13USD
  • Resistance 2 1339.35USD

Above 1254.3 USD the major trend remains bullish. 1325.17 USD and 1339.35 USD are in the line of sight. The breaking of 1254.3 USD would cancel this anticipation and favor a correction toward 1240.13 USD.

The MACD is positive and above its signal line. This configuration confirms the sound positioning of the cross. Moreover, the relative strength indicator, the RSI, is not contradicting this hypothesis. The Stochastics are not overbought, which leaves the bullish potential intact in the medium term. The volumes traded are more than the average volumes over the last 10 days.

The cross is oriented to the downside. It is under its 50-day moving average located at 1282.73. The 20-day moving average (lower than the 50-day moving average) is maintaining the prices under medium-term sell pressure. Our first support is at 1254.3 USD and the next is at 1240.13 USD; the resistances, located at 1325.17 USD and at 1339.35 USD must be exceeded for the trend to undergo a reversal.

Share it with friends: