Gold: Longer-Term Bear Trend Expected To Resume
Jason Sen | Jan 03, 2017 02:23AM ET
Gold first resistance at 1152/53 but above here targets 1158/59. We need a break above last week's high at 1163 for an excellent selling opportunity at 1171/73. A high for the recovery is expected here and the longer term bear trend is expected to resume. Try shorts with stops above 1179. An unexpected break higher however targets the December high at 1187/88.
Holding below 1151 targets 1147 then 1143/42. Bulls must defend good support at 1136/37 to stay in the game & keep short term recovery hopes alive. Longs need stops below 1131. A break lower is likely to retest the 1124/22 low.
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