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Gold technical analysis for December 10, 2014

Gold price broke above resistance levels at $1,208-10 yesterday and gave a buy signal. Gold price reached our first target at $1,240 by making a high at $1,239. Short-term support is at $1,225 and at $1,215. This upward move could continue towards $1,260 if support levels are held.


gold.jpg

Red line = support


Blue line = trend support


Gold price is making higher highs and higher lows. Price made a double top and it could signal a move towards short-term support at $1,225. If this support is broken we could see a push towards $1,215 where the rising trend line is found. $1,240 is an important resistance and if it is broken we could see an upward extension towards $1,260-70.


goldh4.jpg

Gold price has broken above the Ichimoku cloud and is now back testing the breakout area. The pullback inside the cloud will be a bearish sign as it will mean that the breakout was fake. Important bullish support is at $1,185. Breaking below this level will signal the end of the upward bounce and the start of a new downward move towards new lows.


The material has been provided by InstaForex Company - www.instaforex.com