Gold: Nonfarm Payrolls Ahead
Shiv Kumar | Jan 06, 2017 10:50AM ET
Here is what I said about gold on 4th January, 2017. Gold is trading around 1180 at the time of writing after printing a high of 1185.55. Here is the latest 5 hour chart below:
RSI is in overbought zone and showing small diversion, MACD still looks positive but showing some weakness in the current trend just before the major resistance of 1192/1198 area. Correction in the current uptrend is the most likely scenario.
Any high between 1190-1192 area will be a good selling opportunity for the lower support area of 1162 followed by 1156 and 1150-1145 area. I will look for a buy opportunity after this correction over near the area of 1150-1145. However, if gold continues to march higher and overcomes 1198 successfully followed by 1205 then 1120 and 1235 area will be in reach within a few days.
Resistance: 1198/1205
Support: 1162/1145
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