Technical analysis of GOLD for December 15, 2016

As per our previous analysis, gold started to move lower, breaking below the 161.8% (1,113) Fibs support level. Two downside targets remain at 261.8% (1,116) and 361.8% (1,189).

Consider holding short positions. Move the stop loss to breakeven level and target either 1,116 or 1,089 support level.

Support: 1,144, 1,116, 1,089

Resistance: 1,160, 1,187

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

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