Gold begins rising - Technical Analysis - 24-12-2015

Gold kept receding in its intra-day levels trading, trying to stimulate some positive momentum that would help it rise again, and searching for a bottom to bounce off of, with the prices being affected by breaking through the ceiling of that descending price channel that limited gold's previous movements in the short term as shown in the attached chart. Gold leant in the end on the simple moving average for the period 50, giving it positive momentum that helped it rebound higher in its morning trading, along with an influx of positive signals from relative power indicators.

 

Therefore we reaffirm our positive expectations for the gold, targeting thereafter the crucial resistance of 1,088.70.