FX.co ★ 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.

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.

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.