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GOLD Weekly Technical Outlook | December 20, 2014
GOLD got back its bearish power. It started bearish rally last week. In daily chart, we can see some rejection candle at 1213-1215 area. Bullish momentum loss its power. So it is now on bearish bias. Price is now below its weekly pivot. So 1200 is good point for sell. Better sell zone lies on 1215-1220 area. We can sell from that sell zone. Target will be 1200 and then 1186.
On the down side, 1186 is now acting as good support. With break this support, it can fall sharply towards to 1150 area.
Weekly Pivot, Support and Resistance
Resistance Two (R2): 1241
Resistance One (R1): 1218
Pivot Point: 1200
Support One (S1): 1177
Support Two (S2): 1159
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