Gold Outlook Remains Negative
Jason Sen | Dec 22, 2014 07:47AM ET
The Gold February contract has immediate support at 1190/1189 and we should hold here initially at least, but the outlook is quite negative so be ready to go with a break below here to keep the market under pressure and target support at 1182/80. Try longs with stops below 1176. A break below 1180 this week however is very negative and could accelerate moves to the downside. Be ready to go with a break lower to target 1172 then 1169/68 and perhaps as far as 1164/63.
Holding above 1190 opens the door to a recovery to 1201/1203 today. It could still be worth trying shorts again with stops above 1206. Be ready to go with a break higher again however to re-target strong resistance at 1212/1213. Look for a high for the day here and try shorts with a stop above 1216.
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