4th January Gold Outlook: $1852 Where Next..$1878 or $1824..?
Bullish Momentum tested $1865 and consolidates below this level. As long as $1865 is not cleared, we may witness some momentum distribution causing some drop towards support areas of $1852 below which $1846 and $1832 are seen as support. If selling continues, expect retest of previous week close of $1824 followed by 5 week EMA $1813 and 100 week SMA $1798
On the other hand, bullish trend can attract buyers at the test of support areas for resumption of rally that targets $1878 and $1896
Consolidation above $1824 and $1832 is seen a positive indication. Buying the dips would be a rewarding strategy as long as prices hold above support zone.
On the other hand, bullish trend can attract buyers at the test of support areas for resumption of rally that targets $1878 and $1896
Consolidation above $1824 and $1832 is seen a positive indication. Buying the dips would be a rewarding strategy as long as prices hold above support zone.
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