Gold Price Technical Forecast : Spot Gold Price Trading Tips : Keep Eye on $1758 as support. Above $1758 Target Price $1845.
GOLD SILVER PRICES BOTH TRADING NEAR SUPPORT ZONE
The precious metal space has been under pressure in recent sessions, with gold price declining over 2% in yesterday’s session. The decline has major longterm support back in play around the 1800-mark. It is a level that dates back to the post 2011-peak toppingprocess, when during 2011 and 2012 there were three peaks created before gold fell into a sustained bear market.
While in November the area was breached on a daily basis, it held up when looking at the weekly or monthly chart. Given how longterm this support level is, it is necessary to give some latitude and look at these longer time-frames.
Is it good time to buy gold?
With support under siege again it will be interesting to see if it can hold. It would help shape things up for a long bias if gold could form a higher low around support relative to the November low. But it isn’t necessary that gold hold here for the longer-term to remain bullish.
The general price action since peaking in the summer has been a choppy downward decline lacking any real momentum. It has the makings of a massive bull-flag. In the context of the longer-term upward trend this price behavior is viewed as corrective.
Spot Gold Price Support
If support does break the corrective price action could still remain in play and the long-term still be intact. However, in the near-term there the trading bias could turn more decisively negative. A drop through 1762 to do the trick in helping along a near-term bearish bias.
Technical Power of CFA’s
(CHARTERED FINANCE ANALYST)
“No Magic, No Miracle, Just Power of Level”
Neal Bhai Reports (NBR) By CFA’s and MFA’s Technical Team Mobile No. 9582247600 & 9899900589
Source – GoldSilverReports.Com