15.12.201509:54 Forex Analysis & Reviews: Gold technical analysis for December 15, 2015

Long-term review

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Gold has broken the short-term triangle consolidation to the downside generating a short-term sell signal. Gold price can now move lower towards $1,020-30 to reach a new lower low.

Green line - support (broken)

Black line - resistance

Gold price is trading below both the support trend line and below the Ichimoku cloud. This is a short-term bearish signal. Unless bulls manage to push prices above $1,080, we should expect more selling pressures towards $1,020-30.

The weekly chart continues to show the price trading at oversold levels and downside movement is limited to a new low towards $1,020-30. At this point I cannot expect a deep decline below $1,000. The next big move will be to the upside.

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