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05.12.201610:17 Forex Analysis & Reviews: Technical analysis of gold for December 5, 2016

Long-term review

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Gold price remains inside the bearish channel and in a short-term bearish trend. Bulls tried to break above short-term resistance on Friday and today in early trading but price got rejected. There is no confirmation of a trend change yet. Gold remains in a bottoming process.

Black lines - bearish channel

Gold price is trading below the Ichimoku cloud and inside the bearish channel in the 4 hour chart. Trend is bearish as price is making lower lows and lower highs. Short-term resistance is at $1,190-$1,200 while support is at $1,160-55.

On a weekly basis price remains at the lower boundary of the weekly cloud and at the 61.8% Fibonacci retracement. There is still no reversal sign but this area justifies a longer-term upward reversal for Gold prices. A bounce off this area could be the start of a new up trend. I am long-term bullish Gold.

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