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FxGrow Daily Technical Analysis – 16th Dec, 2016
By FxGrow Research & Analysis Team
Gold Extends Bearish Mood on Strong US Dollar
XAUUSD is under pressure yet again. The heaven sacred metal extended further losses on Wednesday when US Fed rate hiked to 0.75%, dropping from 1164.97 high, made several downtrend stations that ended at yesterday's lows 1122.52. US index peeked also yesterday to 103.57 2003-fresh-highs. The general mood trend for gold still to be considered bearish taking into consideration strong US index, although it's trading now at 103, but still to be considered high. Currently, gold touched first resistance at 1135.46 and R1 is being tested. A full H4 cycle above will trigger R2 and R3 levels relatively. The opposite scenario should be taken into consideration with first support at 1126.16, below that, look for more pressure on XAUUSD.
Trend : Bearish
For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
By FxGrow Research & Analysis Team
Gold Extends Bearish Mood on Strong US Dollar
XAUUSD is under pressure yet again. The heaven sacred metal extended further losses on Wednesday when US Fed rate hiked to 0.75%, dropping from 1164.97 high, made several downtrend stations that ended at yesterday's lows 1122.52. US index peeked also yesterday to 103.57 2003-fresh-highs. The general mood trend for gold still to be considered bearish taking into consideration strong US index, although it's trading now at 103, but still to be considered high. Currently, gold touched first resistance at 1135.46 and R1 is being tested. A full H4 cycle above will trigger R2 and R3 levels relatively. The opposite scenario should be taken into consideration with first support at 1126.16, below that, look for more pressure on XAUUSD.
Trend : Bearish
For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.