Gold forecast for the week of December 5, 2016, Technical Analysis

The gold markets went back and forth during the week, testing the 1160 level on the bottom, and the 1200 level on the top. Ultimately, we ended up forming a negative candle and as a result I believe that the sellers will continue to pushes market lower. Currently, I believe that we’re going to reach towards the $1100 level below, but it might be a bit of a choppy move to the downside. I think that the $1200 level continues offer quite a bit of resistance and therefore has to be thought of as the “ceiling” in this market.