After the job data was announced, last week Gold crossed the $1400 mark for the first time after
November.
In the above chart readers can also see a failed H&S pattern.
Market balance point for gold is placed at 1400 for this week.
Resistances are placed at 1423, 1451 and 1472.
Supports are placed at 1398, 1380, 1367.
RSI is not in overbought stage. MACD has made a positive crossover above zero.
Chart indicates that gold will move higher to meet the resistances as stated above.
For Gold outlook to turn negative it must close below 1367, in which case it will
crash to 1340, 1315 and 1300 levels.
NEXT: NIFTY FUTURE OUTLOOK
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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