Gold Price Support Resistance Next Week (12-8-14)
Bullion.Directory precious metals analysis 8 December, 2014
By Terry Kinder
Investor, Technical Analyst
We’ll try to keep the gold price support resistance next week as simple as possible. Not a great deal has changed since we last looked at this two weeks ago. $1,202.00 still presents overhead price resistance. The $1,186.70 level is still important and needs to hold in order to keep the gold price from sliding lower. $1,138.10 still represents support.
Gary Wagner on Kitco News recently framed the gold price with support around $1,141.00 and resistance at $1,225.00.
Martin Armstrong of Armstrong Economics recently wrote that a close above $1,228.00 for 2014 would be critical for gold to move higher next year.
Gold Price Support Resistance Next Week (12-8-14):
Gold Price Support Resistance Next Week (12-8-14): Gold is still trading in a range roughly between $1,141.00 and $1,225.00 as pointed out by Gary Wagner.
Peter L. Brandt has pointed to $1,202.00 as a key level. Until the price of gold finishes decisively above $1,202.00 we can’t be sure that the gold bear market has ended. Although gold has managed to take $1,202.00 several times, it has been unable to hold that level. I’m still waiting for gold to capture and hold $1,202.00, and then $1,235.30 before I feel more confident that gold is finally turning higher. Until it does, gold is still in danger of sliding lower – first to $1,138.10 and then $1078.00 and potentially to $980.80.
The gold price support resistance levels next week (12-8-14) are little changed from two weeks ago. Gold needs to take and hold $1,202.00. Until and unless it can do so, there exists the real danger of the gold price slipping to $1,138.10, then $1,078.00, and finally $980.80.
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