Gold consolidates above $1700/oz

FXstreet.com (Barcelona) - The price of the ounce troy of gold is advancing for the second consecutive session, consolidating its gains above the key mark at $1700 propped up by mixed data out of the Chinese economy.

In the opinion of S.Dvrenica, analyst at Windsor Brokers Ltd., an after last Friday’s low at 1684 “With the latter proved to be solid support, further recovery looks likely, as 4h studies are entering positive territory. Regain of important 1718/22 barriers, 50% / 03 Dec high is required to confirm double-bottom and shift focus towards the next resistances at 1726/31. Previous barriers at 1705/00 now offer initial supports, with 1700, reinforced by 20 day EMA, expected to contain dips and keep near-term bulls in play. Conversely, loss of the latter would revive bears and signal lower top, ahead of possible return to 1684 base”.

As of writing, the Gold is up 0.49% at $1712 and according to the expert, the next resistance levels lie at 1710 and 1713; supports instead line up at 1705, 1702 and 1700

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