6 December 2017, 08:38
Dragan Drenjanin

GOLD : The bearish trend can resume
Date of analysis 06 December 17

Opinion Short Term Negative
Resistance 1 1304.85USD
Support 1 1245.04USD
Opinion Mid Term Neutral
Support 2 1230.09USD
Resistance 2 1319.8USD

Below 1304.85 USD the major trend remains bearish 1245.04 USD and then 1230.09 USD are in the line of sight. The surpassing of 1304.85 USD would cancel this anticipation and favor a recovery toward 1319.8 USD.

The MACD is negative and lower than its signal line. This configuration is damaging the cross perspectives. The RSI is not yet indicating an oversold situation, so a continuation of the fall is technically possible. 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.

The bullish movement seems to have stopped. The cross is under its 50-day moving average located at 1281.14. The first support is at 1245.04 USD and, in the event of a breach of this level, a continuation of the correction towards 1230.09 USD is possible; to the upside, the first resistance is at 1304.85 USD, then the strongest level is at 1319.8 USD.

Share it with friends: