Daily analysis of Gold for December 15, 2017

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Overview

Gold price continues to move around the EMA50, keeping steadily below the key resistance 1,263.15. Thus, the bearish trend is still suggested for the upcoming period. Supported by stochastic head downwards on the four-hour time frame, the price is waiting to test 1,240.85 level mainly. We remind you that breaking the targeted level will extend price losses, so that Gold will be able to reach the recently recorded low at 1,204.81, while breaching 1,263.15 will stop the current negative pressure and push the price to recover on the intraday and short-term basis. The expected trading range for today is between 1,240.00 support and 1,265.00 resistance.

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