Gold Technical Analysis(2015.12.30)

PDF version 2015-12-30 09:00:26

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Gold Technical Analysis(2015.12.30)

Gold markets tried to rally during the course of the day on Tuesday, but struggled as we have seen time and time again. This is a market that continues to find of selling pressure every time it rallies, so having said that we feel it’s only a matter time before sellers reenter on a short-term rally. With this, we remain bearish and believe that we will reach down towards the $1050 level given enough time. We have no designs on buying gold at the moment as the bearish pressure continues to mount in this market.

Gold Chart

Source:FXEMPIRE

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Yesterday, gold traded 0.21% lower in the New York session and closed at $1068.00 per ounce, after robust US consumer confidence data dented demand for the precious yellow metal. Immediate downside, the first support level is seen at $1063.13 per ounce, while on the upside, the first resistance level is at $1070.53 per ounce.

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