Gold Technical Analysis for January 6, 2017
Gold Fundamental Analysis
Gold has had a strong week so far due to the continuing weakness in the dollar and the positioning of the large traders and fund managers looking ahead to the year. This helped the gold prices to push through 1180 over the past 24 hours and continue to trade strongly though it is now in a strong resistance region which should cap the up move for now.
Looking at the MACD on the hourly, we see that the momentum is slowing down for the day and the RSI also faced some resistance at the 70 level and has since been moving downwards which indicates declining momentum. This presents an interesting picture ahead of the NFP today.
Gold Technical Support and Resistance
Support 1: 1173.66
Support 2: 1170.88
Support 3: 1166.37
Resistance 1: 1182.68
Resistance 2: 1185.46
Resistance 3: 1189.97