19th Dec Gold Outlook: 1788 Decides Direction For 1775 & 1810
As long as Gold sustains above 1788, chances of upside movement towards 1800 remain valid.
If Gold finds enough buying momentum supported by 1788, Gold consolidation above 1800 psychological 1800 handle can extend gains to 1810
Further strong acceptance above 1800-1810 zone can boost Gold to retest swing high of previous week at 1824
If current bullish rebound of previous week continues in to this week, Gold should be able to go as high as 1842 which is 61.8% Fibonacci level of 2070-1614 correction and sellers may come at the test of this zone.
Continuation of Bullish rebound requires holding above 1788 support level which is 38.2% Fibonacci level of above mentioned retracement.
If prices break below 1788, expect some more dip towards next next support zone of 1775-1765 below which 1745 and 1725 can be next major bearish zone as downside targets.
The weekly outlook remains Bullish Targets 1810-1824-1842 AS LONG AS 1788 IS INTACT
IF 1788 IS BROKEN, EXPECT 1775-1765 AND BELOW THIS ZONE 1745-1725
If Gold finds enough buying momentum supported by 1788, Gold consolidation above 1800 psychological 1800 handle can extend gains to 1810
Further strong acceptance above 1800-1810 zone can boost Gold to retest swing high of previous week at 1824
If current bullish rebound of previous week continues in to this week, Gold should be able to go as high as 1842 which is 61.8% Fibonacci level of 2070-1614 correction and sellers may come at the test of this zone.
Continuation of Bullish rebound requires holding above 1788 support level which is 38.2% Fibonacci level of above mentioned retracement.
If prices break below 1788, expect some more dip towards next next support zone of 1775-1765 below which 1745 and 1725 can be next major bearish zone as downside targets.
The weekly outlook remains Bullish Targets 1810-1824-1842 AS LONG AS 1788 IS INTACT
IF 1788 IS BROKEN, EXPECT 1775-1765 AND BELOW THIS ZONE 1745-1725