Gold breaks through a descending price channel's ceiling. - technical analysis - 22-12-2015

Gold jumped higher in the intra-day levels, with the help of the positive support of the simple moving average for the period 50, and with the price settling above the support of 1,065.00, succeeding thereafter in breaking through a descending price channel's ceiling in the short term as shown in the attached chart, getting rid therefore of its negative pressure, and opening the door for more gains for the precious metal.

 

We therefore expect gold to rise, targeting the crucial resistance level of 1,088.70.