Gold is pushing lower as the 7 December Gold Price Technical Analysis shows. However, long-term, the technical structure suggests that there is a growing upside momentum.
7 December, Swissquote – Selling pressure on Gold did not wane on Wednesday. The commodity is near 1259.00 U.S Dollars an ounce. Support levels are being tested and the precious metal has shown little strength to go upwards this week. Nevertheless, speculators should be aware Gold is competent of swift changes in direction the past two months, and some traders may be expecting a rise in value.
7 December Gold Price Technical Analysis
• Gold is pushing lower. The technical structure confirms the end of the consolidation phase. Support given at 1251 (08/08/2017 high) is on target. Resistance is located at 1288 (20/10/2017).
• In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).
This article ‘ 7 December Gold Price Technical Analysis ‘ was written by Yann Quelenn, Market Analyst at Swissquote.
While every effort has been made to ensure that the data quoted and used for the research behind this document is reliable, there is no guarantee that it is correct, and Swissquote Bank and its subsidiaries can accept no liability whatsoever in respect of any errors or omissions, or regarding the accuracy, completeness or reliability of the information contained herein.
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