12.12.201410:40 Forex Analysis & Reviews: Gold Technical analysis for December 12, 2014

Long-term review

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Gold price continues to trade below important resistance of $1,240. As long as price is below that resistance level, we should expect a pullback towards $1,200 at least. Sell signal will be given if $1,215 is broken. The trend is sideways and the levels that give buy or sell signals are very clear.

Red line = horizontal support of yesterdays lows

Blue line = trend line support

Gold price continues to trade sideways. Price is above support at $1,215 and as long as price is above that levels, then bulls still have a chance for another move higher. Resistance at $1,240 is critical and another rejection at that area will be a bearish signal that could push Gold back below $1,200.

Gold is making higher highs and higher lows. Price is above the Ichimoku cloud and as long as Gold price does not break $1,180 then bulls have the upper hand. If $1,180 is broken we should expect to see new lows below $1,130. Until then, bulls still have many chances of seeing $1,270.

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