You are here: Home > articles > Commodities > Forex > Technical analysis of gold for December 13, 2017
Technical analysis of gold for December 13, 2017
December 13, 2017 12:21 pmVideo
Latest News
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
Gold price remains in a bearish trend but yesterday we observed the bullish divergence in the RSI together with a candlestick reversal pattern. Price has the potential to rise to $1,260 today.
Red lines – bearish channel
Black lines – bullish divergence
Gold price has broken out of the bearish channel and is now back testing it. The RSI is warning bears that the downside momentum has weakened. The 4-hour candle pattern of a bullish hammer is usually a trustworthy reversal pattern. Resistance is at $1,247. Breaking above it will confirm the reversal pattern and push price towards cloud resistance at $1,255-60.
On a daily basis Gold price has also made a bullish hammer. With FOMC tonight we expect Gold price to be volatile. If price is near $1,260 before the FOMC, I would prefer to be neutral as we might see another leg down towards $1,220-$1,200.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: