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Gold Looks Bearish

Published 01/13/2017, 11:33 AM
Updated 07/09/2023, 06:32 AM

Here is what I said about gold on 11th january, 2017. We got the dip in gold towards our first support zone of 1180 (low of 1176.85) and then it reversed higher and hit the high of 1207 but failed to close above the psychological level of 1200 yesterday. Here is the latest 5 hour chart of gold below.


Gold 5 Hour Chart

Right now gold is trading at 1197. Both lagging indicators are flat at this time. RSI is stuck in a range near overbought area. MACD is also somewhat flat with slight bearish diversion along with bearish crossover, reflecting a cautious approach for bulls.

If the 1208 area remains intact then we can see another bearish move towards the support zone of 1185 followed by 1172/1162. Any convincing break above 1208 will open the gate towards the higher targets of 1220 followed by 1232 for bulls. MACD is in favour of bears.

Resistance: 1208/1220/1234
Support: 1185/1172/1162

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