28th December Gold Outlook: $1800-$1795 to $1824-$1833 or $1784
Yesterday's uptrend gained strength from weakened Dollar amidst holiday season thin trading volumes in absence of institutional players. Buoyant Gold climbed all the way to $1833 only to give up most of the gains closing the day at $1812 which some $22 below the Day high. As explained in last report, expected profit booking from resistance zone pushed Gold all the way down to $1800. Further from here, $1795 may come as a support. However, a momentum accumulation from $1800-$1795 support zone may help Gold resume its up move for retest of $1812-$1824 which if strongly breached, can extend the rebound towards swing high $1833 and in coming week any strong trigger can act as catalyst for next leg higher $1842 which is 50% Fibonacci level of retracement measured from $2070 high to $1614 low.
$1842 being a significant Fibonacci level, some profit booking can again be witnessed triggering another drop to $1800 area.
Note: Traders should monitor price behavior around $1800-$1795 as failing on this zone can cause a drop to $1784 and $1773 while consolidation above this zone can resume bullish path for $1824 and $1833-$1842
$1842 being a significant Fibonacci level, some profit booking can again be witnessed triggering another drop to $1800 area.
Note: Traders should monitor price behavior around $1800-$1795 as failing on this zone can cause a drop to $1784 and $1773 while consolidation above this zone can resume bullish path for $1824 and $1833-$1842