GOLD : The consolidation can continue
Date of analysis 04 December 17
- Opinion Short Term Neutral
- Resistance 1 1309.12USD
- Support 1 1244.29USD
- Opinion Mid Term Neutral
- Support 2 1231.32USD
- Resistance 2 1322.08USD
As long as 1322.08 USD continues to be a resistance, the movement may join 1244.29 USD over the short term. The surpassing of 1322.08 USD would invalidate this opinion and open the door for 1341.53 USD.
The MACD is positive but lower than its signal line. The dynamic in progress has been interrupted. If the MACD were to turn negative, the price correction could continue. The RSI value is less than 50: this confirms the weakness of prices. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are more than the average volumes over the last 10 days.
MOVEMENTS AND LEVELS
The bullish movement seems to have stopped. The cross is under its 50-day moving average located at 1282.4. The first support is at 1244.29 USD and, in the event of a breach of this level, a continuation of the correction towards 1231.32 USD is possible; to the upside, the first resistance is at 1309.12 USD, then the strongest level is at 1322.08 USD.