Gold Price Support Resistance Next Week (12-29-14)

Gold Price Support Resistance Next Week (12-29-14)

Bullion.Directory precious metals analysis 29 December, 2014
By Terry Kinder
Investor, Technical Analyst

An important gold support resistance next week level of $1,186.70 is but a few dollars below this morning’s gold price, current in the low $1,190’s. Should the gold price not end the year above $1,227.00 – $1,228.00 it could bode ill for the gold price in 2015.

Chart: Gold Price Support Resistance Next Week (12-29-14):

Gold Price Support Resistance Next Week (12-29-14): This week may well be critical in determining whether or not gold has a better year in 2015 than it did this year

A few points worth noting from the Gold Price Support Resistance Next Week (12-29-14)chart:

1. The gold price starts this week less than $10.00 above the critical $1,186.70, or 0.50 Fibonacci Retracment level;

2. The MACD, although it hooked up slightly, is in negative territory which does not bode well for the gold price to recover in the short-term;

3. RSI still has some overhead resistance. It currently sits almost exactly between the overbought and oversold levels which doesn’t provide any immediate hope for the price of gold to go higher.

Key Gold Price Support Resistance Next Week (12-29-14) levels to watch:

Downside –

Upside –

I suspect that the gold price this week – the last trading week of 2014, and beginning of 2015 – wil have a downward bias. Price action for gold has been weak. The gold price has made several attempts to break above a descending Andrews’ Pitchfork. The price of gold has been unable to come anywhere close to approaching a price trigger line which is slowly descending to the 0.236 Fib level or $1,295.40. Equally, if not more troubling, gold has not been able to break and hold above a downward sloping price resistance line that will eventually intersect with the Andrews’ Pitchfork below the $1,000.00.

Forecaster Martin Armstrong has pointed out that gold needs to finish at least at the $1,228.00 level in 2014 or the outlook for gold will be very bearish. A yearly gold close below $1,155.00 in 2014, according to Armstrong, guarantees a drop below $1,000.00 is coming.

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