Daily analysis of Gold for December 06, 2016
December 6, 2016 12:33 pmVideo
Latest News
- XM Teams up with ‘Charity Right’ for Change April 23, 2024
- Technical Analysis – US 500 index rebounds off 2-month low below 5,000 April 23, 2024
- Technical Analysis – Is Tesla’s bearish spiral about to end soon? April 23, 2024
- Forex forecast 04/23/2024: EUR/USD, GBP/USD, Oil, SP500 and Bitcoin from Sebastian Seliga April 23, 2024
- USD/JPY: trading tips for beginners for European session on April 23 April 23, 2024
- GBP/USD: trading tips for beginners for European session on April 23 April 23, 2024
- EUR/USD: trading tips for beginners for European session on April 23 April 23, 2024
- Market Comment – Dollar pulls back, but yen hits new 34-year low April 23, 2024
- What do the smaller US surveys say about the US economy? – Special Report April 23, 2024
- Technical Analysis – NZDUSD bounces off a 5-month low April 23, 2024
- Hot forecast for EUR//USD on April 23, 2024 April 23, 2024
- Microsoft reports earnings as AI wars intensify – Stock markets April 23, 2024
- Technical Analysis – Is gold ready for bearish correction? April 23, 2024
- XM and Singapore Red Cross: Stronger Together April 23, 2024
- Technical Analysis of Intraday Price Movement of Natural Gas Commodity Asset, Tuesday April 23, 2024. April 23, 2024
- Technical Analysis of Intraday Price Movement of Gold Commodity Asset, Tuesday April 23, 2024. April 23, 2024
- Key events on April 23: fundamental analysis for beginners April 23, 2024
- EUR/USD and GBP/USD: Technical analysis on April 23 April 23, 2024
- Forecast for EUR/USD on April 23, 2024 April 23, 2024
- Forecast for GBP/USD on April 23, 2024 April 23, 2024
Overview
Gold was trading with a downward bias yesterday. However, the price rebounded from 1,155.00 to settle next to 1,172.68 again as stochastic provides positive signals in the four-hour time frame, while the EMA50 is forming negative pressure in the intraday trading. Therefore, this contradiction between the technical indicators makes us continue our neutral outlook until the price confirms breaching one of the next trend keys represented by 1172.68 support and 1187.00 resistance. This reminds you that breaking this support will extend losses to reach 1,124.88 as the next main station. On the other hand, breaching 1,187.00 will open the way for the price recovery on the intraday and short-term basis with upward targets at 1,211.31 and higher at 1,249.94. The expected trading range for today is between 1150.00 support and 1195.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: