Gold’s positive weekly closing

Gold in this week gained over $22 to close at $1196 on account of a weaker dollar and uncertainties still mounting over policies which U.S president elect Donald Trump might take upon next week when he joins office from 20th.

Gold remains bullish and is poised for more upmove considering the safe haven buying which has spurred to shield from the cloud of uncertainties in the coming weeks.

Technically gold closed higher breaking the long term trend line resistance of $1174 on the weekly chart.
On the higher side, chart shows a resistance at $1228 which is also confirmed by the parallel long term trend line.
Gold can be bought for the target of $1225-$1228 and even higher for the coming week.
It can go higher to $1248 which is its next key resistance on the chart
For positional traders stop loss can be placed around $1182.



Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s