Gold Daily Video, 16 December 2016

[Sive Morten]

Good morning,

Gold is oversold on weekly chart and almost has hit daily 1120 target. This combination increases chances on upside bounce, or at least some pause in downward action:



The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[Lee101]

to understnad there could be a little rebound but still with a longer downward trend

 

[Sive Morten]

to understnad there could be a little rebound but still with a longer downward trend

Yes, currently no reversal signs exist and gold has broken major area down. This fact makes us expect further downward action. Retracement that we were talking about should be short-term.