Gold has rebounded from its multi-year lows (marked in November 7) during the last three weeks and price is consolidating around the crucial 1.200 mark. The daily trend is neutral (flat) now. There is strong support in the 1.180 price region, stemming from the 2013 & 2014 intermediate lows, which were violated a few weeks ago but were regained swiftly. QE programs going on around the world and geopolitical risks set some floor on prices, while factors such as dollar strength, slow global economic growth and low inflation expectations put pressure on gold.
Gold, weekly candles:
Chart courtesy of Stockcharts.com (www.stockcharts.com)
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