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17.12.201509:37 Forex Analysis & Reviews: Gold technical analysis for December 17, 2015

Long-term review

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Gold price started moving upwards yesterday heading resistance at $1,080 before the FOMC rate announcement, but bulls could not hold the price at that level, as it got rejected and pulled back amid the stronger US dollar.

Blue lines - bearish channel

Gold price tried to break out of the bearish channel, but got rejected. The price also did not manage to break above the Ichimoku cloud. Resistance is seen at $1,080. Support is at $1,046. Bears are still in control of the longer- and medium-term trend. The short-term trend is neutral.

Nothing has changed my view on the weekly chart. The price should start bouncing towards $1,120-30. Downward moves are limited to $1,020-30 as I do not see much potential to the downside as we have not seen bounces for a long time.

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