Gold takes support from th simple moving average - Technical Analysis - 28-12-2015

Gold has been trapped in a tight sideways range of trading in the intra-day levels, taking support from the simple moving average for the period 50, and trying to stimulate some positive momentum that could help it rise again, with the prices being affected by exiting a descending price channel that limited the metal's previous short-term movements.

 

We therefore expect gold to resume rising, targeting thereafter the resistance of 1,088.70.