FX.co ★ Daily analysis of Gold for December 19, 2016

Overview

The gold price crawls upwards gradually moving away from the key support at $1,124.88 and heading towards our first main awaited target at $1,154.75. This keeps the bullish trend scenario valid and active until now. A breach of this level will extend the gold price gains to $1,172.68 as the next main station. In general, we still expect the bullish bias in the upcoming period unless breaking and holding below $1,124.88 levels. A break of this level will stop the positive overview and push the price to the previously recorded low at $1,047.61 on the near-term basis. The expected trading range for today is between the $1,124.88 support and the $1,154.75 resistance.