On Monday, the price of gold declined by 0.7% to $1068 per ounce.
US Fed aims at gradual tightening of . As long as the US Dollar will be strengthening, the price of gold is likely to remain under pressure. Borrowing costs for purchase and storage of gold tend to increase.
From 3:30 to 8:00 pm (GMT+2) attention needs to be paid to US news releases, among which Consumer Confidence data for December. The indicator is expected to be up to 93.8 from 90.4 points that will support the US Dollar .
Support and resistance
In December, the XAU/USD pair has been trading within the range of 1085.00-1050.00.
On the 4-hour chart, OsMA and recommend long positions, but a growth in the pair is limited by the resistance levels of 1075.00 (EMA144) and 1080.00 (EMA200 on the 4-hour chart). On the , the indicators have started giving sell signals. However, due to a lack of drivers, the price is likely to remain within the range.
Fundamental factors create prerequisites for a further decline in the price of gold .
Support levels: 1071.00, 1067.00, 1060.00, 1050.00.
Resistance levels: 1075.00, 1080.00, 1085.00.
Short positions can be opened from the level of 1068.00 with targets at 1050.00, 1040.00, 1010.00 and stop-loss at 1077.00.
Long positions can be opened from the level of 1082.00 with targets at 1085.00, 1088.00 and stop-loss at 1079.00.