Gold is holding up well

Carol Harmer Charmer Trading

SUPPORT 1187 1182 1179/78 172 1165 1146 1142 1131 1128 1122 1104 1088 1080**

RESISTANCE 1194 1197 1204 1216 1234 1242/44.

So far we are holding above this key 1187 area..we did blip below here after reaching 1190 but so far Gold is holding up well....we would expect Gold to maintain above the 1187/85 area now...and hopefully progress through 1190 to 1195/97...Now Gold is overbought though...So we must bear this in mind when trading it.....Its come up a long way from 1122 to 1190 in a month...so at the moment....all we are seeing is a correction to the Primary and secondary trend....The minor trend...Now these minor trends usually last between 3 and 4 weeks....this one started on the 15th Dec...so we will have to see how we progress the next few days....If we fail to hold above 1184 then it will be seen that correction is over and we should therefore trade lower....So...where can we go on a pullback...well 1175 is the 23.6 short term fib and 1165 is the 38.2...So this area will offer support...and if short from higher levels this would be a good area to cover...Now we will look at the underlying technical indicators on pullbacks and if they ease the overbought scenario quite quickly...then we can assume that possibly we have a change in the secondary trend...and that Gold should trade higher...It really does all depend on this 1165/1162 area from the med and short term fibs.....Resistance past 1199 is at 1204....1208 and the bigger one at 1216......Today our pivots are as follows....PP 1185 R1 1190 R2 1195 R3 1200 S1 1180 S2 1175 S3 1170...

Interested in Gold technicals? Check out the key levels

1. R3 1203.48
2. R2 1197.05
3. R1 1192.27
PP 1185.84
1. S1 1181.06
2. S2 1174.63
3. S3 1169.85

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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