For Traders

Analytical Reviews

Technical analysis

01.12.201508:43 Forex Analysis & Reviews: Technical analysis of Gold for December 01, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook and chart setups:

Gold has rallied to the level of $1,075.00 during the day and is expected to take out resistance at $1,080.00 as well, after a dip fall at $1,066.00. The metal is testing its immediate line of resistance as seen on the chart, and a breakout here will be the first sign of a potential reversal. It would be then confirmed that the metal has formed an interim low at $1,052.00. Immediate support is seen at the level of $1,052.00 followed by $1,030.00 and lower, while resistance is seen at $1,080.00 followed by $1,090.00 and higher. Please note that prices could head towards $1,040.00 in the near term.

Trading recommendations:

Initiate long positions now with stop at $1,048.00, a target is open.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.