Gold: Weekly Forecast 16th January 2022
Gold rebounded off well from a rising trendline, found resistance at 1829 but stayed closed to it.
The fact that the market is constantly rejected at 1829 may cause a deeper pullback towards the downside before it garner stronger buyers.
A minor rising trendline was also broken below after multiple rejection at the current high.
This week, we will focus on selling at the beginning, looking for a better price to sell at 1823.
Later on and should the price comes down, we will look for support at the demand level 1797 to see if there's an opportunity to buy again.
The fact that the market is constantly rejected at 1829 may cause a deeper pullback towards the downside before it garner stronger buyers.
A minor rising trendline was also broken below after multiple rejection at the current high.
This week, we will focus on selling at the beginning, looking for a better price to sell at 1823.
Later on and should the price comes down, we will look for support at the demand level 1797 to see if there's an opportunity to buy again.
