Last week gold took support exactly as we had writen at 16760 .
Link to last week's outlook (http://jerrytechnicals.blogspot.com/2009/12/gold-views-mcx-india.html).
So what is in store for gold in the coming week ??
Chart Take
Gold is at a strong support region. Last week's low should act as strong support for a medium term pullback to 17380.
However breaking last week's low gold will fall in a straight line to 16500 which is last support for gold.
Breaking below 16500 gold will retrace all its gain and fall to 16000 levels.
Fibonacci
Fibonacci cluster support at 16580.
Fibonacci extention resistances at 17150 and 17350.
Link to Indian Stock Market Weekly Outlook : http://jerrytechnicals.blogspot.com/2009/12/nifty-weekly-outlook-21-december-till.html
Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry's view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.
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