Gold is tired of moving in the range

9 December, 2016

On the daily chart of gold,  the "bears" remain control over the market. As long as quotes are below $ 1,195, their positions are not under threat. The update of the December low can lead to the continuation of downward movement towards $1,116 (78.6% Fibo retracement level formed from the last mid-term wave) and $1,095 (161.8% target in the Crab pattern). 

On the hourly chart of gold, there is a consolidation in the range of $1,160-1,195. Traders may expect a breakout of its upper or lower boundaries. 

Recommendations:

 SELL $1160 SL $1180 TP1 $1116

TP2 $1095, BUY $1195 SL $1175 TP $1230. 


Source  
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