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Gold: Nonfarm Payrolls Ahead

Published 01/06/2017, 10:50 AM
Updated 07/09/2023, 06:32 AM

Here is what I said about gold on 4th January, 2017. Gold is trading around 1180 at the time of writing after printing a high of 1185.55. Here is the latest 5 hour chart below:
Gold 5 Hour Chart

RSI is in overbought zone and showing small diversion, MACD still looks positive but showing some weakness in the current trend just before the major resistance of 1192/1198 area. Correction in the current uptrend is the most likely scenario.

Any high between 1190-1192 area will be a good selling opportunity for the lower support area of 1162 followed by 1156 and 1150-1145 area. I will look for a buy opportunity after this correction over near the area of 1150-1145. However, if gold continues to march higher and overcomes 1198 successfully followed by 1205 then 1120 and 1235 area will be in reach within a few days.

Resistance: 1198/1205
Support: 1162/1145

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