FXStreet (Córdoba) – Gold traded little changed on the day, having erased most of its early gains amid light trading volume ahead of the New Year holiday.
Gold prices advanced early Tuesday, peaking at $1,075 an ounce. The metal however failed to sustain gains and settled less than 0.1% lower at $1,068 an ounce. Gold is on track to post a 0.3% gain for December but an annual decline of about 10% in 2015, the third yearly loss in a row.
Gold technical view
“Technically flat, the daily chart shows that the price is developing below a mild bearish 20 SMA, while the technical indicators present tepid bearish slopes in what can be considered neutral territory, lacking strength amid reduced volumes due to the ongoing winter holidays in the north hemisphere”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price develops below its moving averages that anyway hold within a tight range, reflecting the absence of a clear trend, while the technical indicators head nowhere, but remain below their mid-lines”.
Support levels: 1,066.40 1,060.90 1,051.85. Resistance levels: 1,075.20 1,082.40 1,088.90.
(Market News Provided by FXstreet)