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Gold analysis for December 17 , 2015

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Overview:

Since our last analysis, gold has been trading sideways around the level of $1,065.00. In the daily time frame, I found a weak demand bar, which is a sign that buying looks risky. The trend is downward in the mid- and long terms. In the H4 time frame, we can observe a spike (buying climax) with a very wide spread of bars due to the Fed's rate hike by 25bps. I found lower swing highs and another rejection from our supply trend line, which is a sign of a downward continuation. Our Fibonacci expansion 100% at the level of $1,063.00 was broken and Fibonacci expansion 161.8% at the level of $1,050.00 is next support.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,076.00

R2: 1,079.35

R3: 1,085.45

Support levels:

S1: 1,065.20

S2: 1,061.20

S3: 1,056.20

Trading recommendations: Watch for selling opportunities. The trend is downward in the short and mid terms.

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