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Technical analysis of gold for December 22, 2016

The gold price remains in a bearish trend and is mainly moving sideways for the last few sessions between $1,120-$1,140. The medium-term trend remains bearish targeting $1,100.

analytics585b8c56354af.png

Red lines - bearish channel

Blue line - short-term resistance

Green line - short-term support

The gold price is still inside the short-term bearish channel. The short-term trend will change to bullish on a break above $1,150-60. Intraday resistance is at $1,135 while intraday support is at $1,127.

analytics585b8c9b8bb42.png

Red lines - downward sloping wedge

Gold is trading inside the downward sloping wedge just above the 78.6% Fibonacci retracement. The trend remains bearish. No reversal sign yet. Oscillators are oversold and diverging. I remain long-term bullish on gold expecting a big upside move in 2017.

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