Technical Analysis Gold 23 December1
Gold has been ranging inside an ascending channel when looking at the bigger picture since the 11th of November, up to date. The higher highs and higher lows (the slope of the support and resistance) of the channel has not been broken in days which has led to price reversing from both ends of the slopes. For a clear and sharp trend to occur, either slop (the slope of the higher highs or higher lows) needs to be broken. Gold is currently on a price level of 1484.46 a strong resistance level, previously a support level in the past which was broken and now looks like Gold is trying to make any attempt to recover from its previous losses. A breakout above Resistance level of 1484.46 should lead to Gold trending to the below-listed resistance levels. A decline from that resistance level should lead to price heading down to the below listed Support levels.
The support level of 1459.62, if broken which rests on the slope of the higher lows should lead to a strong decline of price, as that level happens to be a strong slope for price to break through from.
On the upside, Resistance Levels that should be watched out for:
Resistance Level 1----1484.46
Resistance Level 2----1492.69
Resistance Level 3----1515.38
On the downside, Support Levels that should be watched out for:
Support Level 1----1472.41
Support Level 2----1459.76
Support Level 3----1445.71