InstaForex - Analytics

InstaForex

719.00 6.50/10
61% of positive reviews
Real

Gold technical analysis for December 4, 2015

Gold price bounced yesterday as the US dollar weakened after the ECB's president press conference. But the bounce was very weak relative to weakness in the greenback . Today's NFP number will play a major role in what we should expect over the coming weeks for gold.

goldh4.jpg

Show full picture

goldd.jpg

Show full picture

Blue lines - projection

Gold price remains near the lower boundaries of the wedge pattern that we have identified in the weekly chart. Stochastic is oversold, a bounce should come soon (maybe today) following the announcement of the US Non-Farm Payrolls. Yesterday's weak bounce of gold was not a good sign, so bulls are likely to have the last chance today. Lower targets for gold to make a bottom are still open between $1,030-$900.



To leave a comment you must be or register

By visiting our website and services, you agree to the conditions of use of cookies. Learn more I agree