Gold spot technical analysis 26.12.2019

Gold prices are trading on the spot above the level of 1500.00. The reason for the growth is the speculation play against the major market players.

The price is above the upper border line of the Bollinger bands, above SMA 5 and SMA 14. RSI is in the overbought zone and indicates a weakening of the price growth. Stoch are also in this zone and not informative.

Trading recommendations:

A drop in the price below the 1500.00 mark may lead to a large-scale profit-taking and a and a further drop to 1491.00. If it stays above this level, there is a possibility of a growth to 1514.00.