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Gold forecast for the week of December 19, 2016, Technical Analysis

By:
Christopher Lewis
Updated: Dec 18, 2016, 10:56 GMT+00:00

The gold markets had a negative week, as we have sliced through the $1150 level. Any time we rally at this point there should be selling pressure given

Gold weekly chart, December 19, 2016

The gold markets had a negative week, as we have sliced through the $1150 level. Any time we rally at this point there should be selling pressure given enough time, and that we should continue to reach lower and towards the $1100 handle. Ultimately, I have no interest in buying the gold market as there is so much in the way of strength when it comes to the US dollar. Ultimately, I believe that the $1200 level is absolutely the “ceiling” in this market. With this, I continue to look for selling opportunities again and again.

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About the Author

Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.

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