MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Technical analysis of gold for December 5, 2016

Gold price remains inside the bearish channel and in a short-term bearish trend. Bulls tried to break above short-term resistance on Friday and today in early trading but price got rejected. There is no confirmation of a trend change yet. Gold remains in a bottoming process.

analytics584521b0a8945.jpg

Black lines - bearish channel

Gold price is trading below the Ichimoku cloud and inside the bearish channel in the 4 hour chart. Trend is bearish as price is making lower lows and lower highs. Short-term resistance is at $1,190-$1,200 while support is at $1,160-55.

analytics5845221e5de98.jpg

On a weekly basis price remains at the lower boundary of the weekly cloud and at the 61.8% Fibonacci retracement. There is still no reversal sign but this area justifies a longer-term upward reversal for Gold prices. A bounce off this area could be the start of a new up trend. I am long-term bullish Gold.

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