Gold: Minor Resistance At 1177/78
Jason Sen | Dec 05, 2016 08:25AM ET
Gold has minor resistance at 1177/78. Above 1180 signals further gains to 1188/89 and the best chance of a high for the day, as stated on Friday. In fact, we have topped this morning at exactly this level. Shorts need stops above 1192. A break higher is positive, therefore targeting 1195, 1197/98 and an excellent selling opportunity at 1203/05.
Holding below 1177 is more negative and below 1171 should increase pressure to the downside. We target 1168, 1164/63 then the 1161/60 low. This is not a support and further losses this week target 1157 then 1147/46.
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