5th January Gold Outlook: $1840 to $1855 & $1865
Gold is seen in sideways move and consolidating below $1855 after some retail profit booking pressures pushed prices down to $1843.
Price action is showing minor downward bias settled within descending channel which often breaks to upside. We expect uptrend to resume from support areas aiming retest of $1855 followed by swing high $1865
A strong build up above $1865 will boost momentum for next leg higher $1870-$1878
Important: Stochastics on 4 Hour time frame are approaching oversold areas which may help Gold gain upward bounce from support areas.
Price action is showing minor downward bias settled within descending channel which often breaks to upside. We expect uptrend to resume from support areas aiming retest of $1855 followed by swing high $1865
A strong build up above $1865 will boost momentum for next leg higher $1870-$1878
Important: Stochastics on 4 Hour time frame are approaching oversold areas which may help Gold gain upward bounce from support areas.
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