26.12.201413:34 Forex Analysis & Reviews: Gold Technical analysis for December 26, 2014

Long-term review

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Gold price remains in a down trend both in the short- and long-term. Currently, price is above important weekly support at $1,185. Today, we see Gold price testing important short-term resistance and this is an opportunity to sell with $1,220 as stop.

Green line = support

Blue horizontal line = H&S neckline

Gold price has managed to move back above the H&S neckline and has also broken above the kijun-sen resistance at $1,187. This results to a push towards the Ichimoku cloud resistance at $1,200. Price is below the Ichimoku cloud. Trend remains bearish. Price is now close to important resistance and this is a good opportunity to sell.

Blue line = support

Gold price in the weekly chart remains in an indecisive price range between $1,240-$1,180. Weekly support is at $1,180 and resistance at $1,240. The kijun-sen support at $1,180 if broken will give a weekly sell signal that will push prices towards $1,130 lows. Breaking above weekly resistance at $1,240 will give a buy signal with the $1,290 target.

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