Gold exhausts its positive chances - Technical Analysis - 29-12-2015

Gold slid in its intra-day levels trading, in line with its attempts to gain some positive momentum, while being affected by breaching the downward trend line in the short term previously, and the conversion of this line to an important support upon which the gold leans on as shown in the attached chart; therefore the previous metal resumes its rise, trespassing the simple moving average for the period 50, and benefiting thereafter of its positive support.

 

Therefore we expect gold to rise, targeting the resistance of 1,088.00.