FXStreet (Córdoba) – Gold prices oscillated near the 5-year lows scored earlier this month, with spot ending the day virtually unchanged near $1,070 an ounce. The commodity has fluctuated in a tight range on Thursday as US markets were closed in observation of the Thanksgiving holiday.
The bright metal resumed its decline last October and has kept the weak tone ever since the Federal Reserve suggested that a rate hike December remained on the table.
Gold technical view
“The daily chart shows that the price remains well below a bearish 20 SMA, whilst the technical indicators have recovered from oversold readings, but remain in negative territory, in line with further declines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price is moving back and forth around a horizontal 20 SMA, while the technical indicators aim slightly lower right below their mid-lines, lacking downward momentum, but maintaining the risk towards the downside”.
Bednarik locates next support levels at 1,066.35, 1,058.20 and 1,050.00, while resistances are seen at 1,081.10, 1,089.35 and 1,094.70.
(Market News Provided by FXstreet)