Gold: Just Below The Resistance
Shiv Kumar | Jan 04, 2017 07:24AM ET
Here is what i said about Gold on 1st of January 2017:
5 Hr chart of 1st Jan reproduced below:
Here is the weekly chart of Gold below:
It seems that gold has found support near the 78.6% fibonacci area(and the upper trend line of the falling wedge.) of the previous bull move
If it manages to close above 8WMA this week then it will be a slight good news for bulls and recovery might continue towards next resistance levels.
Here is the daily chart below
Daily chart is now looking somewhat positive after a crossover of 8/13 & 21 DMA and it seems ready to test atleast 50 DMA.
Metal will have to do a lot to turn positive on daily timeframe, so it will be better to have a look at small timeframe for as a lot depends here on smaller timeframe.
Here is the 5 Hr chart of Gold:
Rsi is showing a bearish diversion right now and MACD too will be reflecting the same if gold fails trade above 1168 so everything is on bulls now to come forward and push gold above 1168 to challenge next area of 1182 otherwise bears might have a chance here to bring prices lower
Resistance: 1184 / 1198
Support : 1156 / 1144
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