Gold hit their lowest level in four weeks when a strong U. S retail-sales report boosted the U. S. dollar. Gold is closing the week at 1116 compared to last weeks 1158. This is the second down week off of last week’s record 1126.50 high. The price drop has Gold back into our old bull channel of 1078 to 1148. We feel the risk remains for a deeper correction to 1078.

Big picture, Gold appears to have put in a medium term high at 1226, with 38.2% Fibo retracement target now 1018 from the 1 year 683 to 1226 move. Now support for the gold MCX is seen at
16943 and below could see a test of 16923. Resistance is now likely to be seen at 16982, a move above could see prices testing 17001.

Trading Ideas:

GOLD TRADING RANGE IS 16700-17200S.

GOLD ENDED LOWER AS STRONG U. S RETAIL-SALES REPORT BOOSTED THE U. S. DOLLAR

BUY GOLD DEC ABV 17000 SL 16960 TGT 17028-17052-17085-17120. MCX

GOLD IS HAVING SUPPORT AT 16910 AND RESIST AT 17040.

GOLD SPDR TRUST HOLDINGS ENDED STEADY AT 1116.25 TONNES.