Gold: Very Near To Critical Support
Shiv Kumar | Jan 25, 2017 07:37AM ET
Here is what I said about Gold yesterday.
Here is the chart of yesterday reproduced below:
Here is the latest 5 Hr chart given below:
Currently Gold is trading at 1207 at the time of writing, as expected yesterday that gold might go for a correction due to the appearence of bearish diversion on the MACD and RSI and may form a flat pattern or classical Double Top pattern.
So far the job is half done for gold bears as the support of 1195 is still holding and far from breakdown point.
If the later happens and gold breaks decisively below 1195 then the pattern target is somewhere in the area of 1170 which is in accordance with the support zone for the correction in wave 2 of wave (III).
Conversely if gold holds 1200-1195 area then a move above 1220 will take it towards the next resistance zone of 1234/1240, the least likely scenario at this moment but not impossible.
Resistance: 1212/1220/1234
Support : 1195 / 1180 / 1170
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