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Gold edges lower, but remains up for the week

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Gold extended its decline into a second day on Wednesday. The bright metal came under mild pressure as the greenback strengthened a tad in the wake of upbeat US data.

    Gold for February delivery settled or 0.6% lower at $1,068.20 an ounce, but remains up 0.3% for the week.

    Gold technical view

    “Technically, the daily chart shows that the price is currently hovering around a horizontal 20 SMA, while the Momentum indicator holds around its 100 SMA and the RSI indicator heads lower around 47, maintaining the risk towards the downside”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price has extended further below its 20 SMA, while the technical indicators have crossed below their mid-lines and now present limited bearish slopes, supporting the longer term outlook”.

    Support levels: 1,068.10 1,060.90 1,051.85. Resistance levels: 1,075.60 1,082.40 1,088.90.
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