Daily analysis of Gold for December 20, 2016

Overview

The gold price has been trading negatively after it found solid resistance at 1,140.00. Stochastic keeps approaching oversold areas, waiting to help the price rebound bullishly to resume the expected bullish trend to 1,154.76 levels on the intraday and short-term basis. A breach of 1,154.76 levels will extend the bullish wave to 1,172.68. In general, we will keep our positive overview for the upcoming period unless we witness a clear break and holding below 1,124.88. The expected trading range for today is between the 1,124.88 support and the 1,154.75 resistance.

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