Technical analysis of Gold for December 10, 2015

Technical outlook and chart setups:
Gold is trading around $1,072.00/73.00 now looking for an opportunity to drop lower to the levels of $1,060.00/62.00 before resuming its previous rally. Please note that Fibonacci 0.618 support of the rally between $1,045.00 and $1,090.00 also falls around the levels of $1,060.00. Furthermore, the immediate resistance line turned support. It is recommended to exit short positions and remain flat now. Look for an opportunity to go long around the levels of $1,060.00/62.00with risk below $1,045.00. Immediate support is seen at $1,060.00 followed by $1,045.00, while resistance is seen at $1,090.00.

Trading recommendations: Exit short positions and remain flat now. Look for an opportunity to initiate long positions around the levels of $1,060.00 with stop at $1,042.00, a target is open.

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