FX.co ★ Technical analysis of gold for December 23, 2016

The gold price remains inside its sideways trading range in what it seems a triangle pattern. The short-term trend is neutral. Gold is very close to important long-term support. A bounce is expected. There has been no reversal confirmation yet.

Green line - short-term support

The gold price is trading sideways between $1,143-$1,127. These two levels are important short-term support and resistance levels that, if broken, will at least provide a 10-20$ move.

The weekly price continues to trade inside the downward sloping wedge and below the weekly cloud. Oscillators are diverging at oversold levels, but unless the price breaks above $1,150, there is no confirmation of a short-term trend change. Above $1,280-$1,300, the bullish scenario will once again become dominant.