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FX.co ★ Technical analysis of Gold for December 18, 2014

Technical analysis of Gold for December 18, 2014

Technical analysis of Gold for December 18, 2014

Technical outlook and chart setups:

Gold dropped into the sub $1,280.00 levels yesterday before bouncing back again. The metal has produced a morning star bullish candlestick chart pattern as seen here on the 4H chart. It is recommended to initiate long positions at current market at $1,198.00/99.00 with risk just below $1,180.00 for now. The upside extensions remain at $1,255.00 at least. Immediate support is seen at $1,170.00 (fibonacci 0.618), followed by $1,140.00, $1,130.00 and lower while resistance is seen at $1,220.00, followed by $1,235.00, $1,255.00 and higher up respectively. Bulls could remain in control till prices stay above $1,140.00 levels.

Trading recommendations:

Initiate long positions now, stop below $1,180.00, the target is open.

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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