Gold: Ready For Another Whitewash Of Bulls Or A Surge Higher?
Shiv Kumar | Jan 01, 2017 01:46PM ET
Here is what I said about gold on 30th December. The 30th December morning chart is reproduced below:
As I expected, gold failed to cross the high of 1164.25 and tumbled towards 1150 (low of 1150.50). Well defined support for now is at 1144, which if it fails to hold, i'm afraid will be signalling another lower low in the coming days.
Below 1144 look for support around 1132-1134 area, followed by 11122 and 1114.
On the contrary, if 1144 holds downside and gold manages to clear the 1168 area convincingly, then we can say a hint of turnaround in this yellow metal market to challenge the next resistance of 1182-1184, followed by 1198.
Looks bullish so far but need confirmation, so let's see what happens next. Here is the latest 5 hour chart of gold as it closed on the last trading day of 2016.
Resistance: 1168 / 1182 / 1198
Support: 1144 / 1132 / 1114
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