Gold remains bearish overall

23 December, 2016

Gold remained unmoved on Thursday as trading volumes decline ahead of Christmas week-end.

Current situation

Gold remains bearish overall, with bias at the downside. The yellow metal showed little movement on Thursday and stayed in a narrow range between 1130 and 1135 dollars per ounce. According to the 1 hour chart the prices touched and bounced off the 50-EMA. The 50 and the 200 EMAs maintained their bearish slope while the 100 EMA was neutral in the same chart. The resistance exists at 1140, the support stands at 1130 dollars per ounce.

MACD remained at the same level which confirms the strength of sellers’. The RSI indicator held within oversold readings.

Trading recommendations

We will stay out of trading waiting for fresh signals. A clear break of either side of the current consolidation range is needed to signal fresh direction.


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