In 2014., gold fell only 1,7% per oz! What to expect in 2015.?
Although it seems that there have been major fluctuations in the price of gold in 2014. the price per ounce fell only 1,7%. Gold was opened the 2014. at the level of 1204 usd and close the same year at 1183 usd. The highest price of the year was 1392 usd and the lowest price was 1131 usd, what was the high/low change of 18,7%. We can say for 2014. that the gold continued the consolidation range started in June 2013. Why in June 2013. and what to expect in the new 2015. I can show in my Gold monthly analysis.
The gold sharply fall started in October 2012. from 1780 usd all the way to the 1180 usd, when the fall stoped in June 2013. After that June 2013., we can say that the gold is in consolidation range, because the price in 2014. ended at almost the same level, at 1183 usd. What can we expect in 2015.? Continued consolidation? Hardly! Here is how I see the gold technicaly at the Monthly chart. As you can see, this level is currently in favor of the bears, but the bulls are trying to brake this resistances. Monthly MA100 at 1194 hold the gold on the way up for two months and now in January as well, as we can see at the chart. Down trendline is placed now at 1238 for this month and that could be the next strong resistance for the bulls if they manage to push the price higher. But, if the bulls wants to take over the control, they must close this month higher, braking MA100 and down trendline. In that case, the gold price could go up toward 1350/1400. I dont see the gold price above this level in 2015. and that could be the turning point for the price, where the sellers could take over the precious metal. If the gold fail to go up, on the way down first strong support is placed at 1130, previous support and low of the year 2014. Bellow that level, we can expect the real bulls strenght at 950/1000! In my point view, I see the gold price for 2015. in between 1350/1400 and 950/1000 range! This could be an interesting year for the gold traders, but keep this long term levels in your mind during the year.