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Gold forecast for the week of December 5, 2016, Technical Analysis

By:
Christopher Lewis
Published: Dec 3, 2016, 03:53 UTC

The gold markets went back and forth during the week, testing the 1160 level on the bottom, and the 1200 level on the top. Ultimately, we ended up forming

Gold weekly chart, December 05, 2016

The gold markets went back and forth during the week, testing the 1160 level on the bottom, and the 1200 level on the top. Ultimately, we ended up forming a negative candle and as a result I believe that the sellers will continue to pushes market lower. Currently, I believe that we’re going to reach towards the $1100 level below, but it might be a bit of a choppy move to the downside. I think that the $1200 level continues offer quite a bit of resistance and therefore has to be thought of as the “ceiling” in this market.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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