Gold Facing Strong Support

06 Jan - Gold Weekly(Click on image for larger view) 

Hi All,

Just a quick update on Gold. With the start of the new year, this precious metal should see some clearer directions. At the moment, Gold is testing a long term horizontal level (~1180) and it looks like a double bottom in the making. While I don’t know where price will move in the longer term, it looks like it is likely to move towards 1360 in the shorter term. However, if price drops below 1180, that would be a significant change in market psychology.

With that, my short term bias is that the bulls will run the show until my target. Thank you for reading and happy trading.

 

Ps. Watch out for the few news release this week including the Non-Farm data.

 

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