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Technical analysis of gold for December 21, 2016

Gold remains in bearish trend targeting $1.120-$1,100. As long as price remains below $1,150-60 the target is lower. Longer-term view remains unchanged waiting for a big trend reversal.

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Red lines - bearish channel

Gold price is trading below the Ichimoku cloud and inside the bearish channel. Price continues to make lower lows and lower highs. Resistance is at $1,143 for the short-term. Short-term trend changes however only on a break above $1,150-60. Support is at $1,125. Breaking it will push price towards $1,100.

analytics585a39e73bf8a.png

Red lines - downward sloping wedge

Gold price is close to the 78.6% Fibonacci retracement support. Wedge resistance is at $1,160. Breaking above this area will open the way for a full scale reversal towards the lower cloud boundary at least. Gold price is very close to important reversal levels. Bears need to be very cautious.

The material has been provided by InstaForex Company - www.instaforex.com