Gold Price Hits Strong Resistance At 1067/68
New York (Dec 21) Gold hit strong resistance at 1067/68 with a high for the day expected and we topped below the stop level of 1071. First resistance at 1068 the main challenge for bulls today but with the bullish double bottom pattern, we must be ready to buy a break above 1071 to target 1073 then an excellent selling opportunity at 1079/80. We should be overbought short term at this stage but shorts need stops above 1084.
Failure to beat 1068 today targets minor support at 1063, perhaps as far as 1058/57. Failure here however target 1053. Obviously the double bottom lows at 1046/45 are very important this week. A break below is therefore a sell signal and targets 1040/39 then 1034/33.