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Gold technical analysis for December 7, 2015

Gold price has finally reversed and changed a short-term trend to bullish targeting the level of $1,100 at least. There is also a chance that we have seen a long-term important low and a new uptrend has started, but confirmation will come only at much higher levels above $1,190.

goldh4.jpg

Gold price broke the downward sloping wedge upwards and moved above the Ichimoku cloud as can be seen in the 4-hour chart. I would expect a back test of the broken cloud at $1,070, but it is not necessary. The minimum bounce target is at the 38% Fibonacci retracement, but I would expect a bounce much higher.

goldd.jpg

Yellow line -long-term trend line resistance

Red lines - long-term downward sloping wedge

The weekly chart continues to favor long positions rather than short. The price has made an initial bounce off the lower wedge boundary, and I expect a strong bounce at least towards the kijun- and tenkan-sen resistance levels (yellow and red line indicators) to take place. The weekly stochastic is oversold and is turning upwards confirming my bullish stance.

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