GOLD, how much gain is left in 2016
I must write something about my favorite gold spot price, as I am looking at this terrible decline in November. The precious metal simply crushed after the US elections and it seems like there is no end of this fall. Can the sellers erase all gain in 2016 in December and return the price in the beginning? Well, it’s a tough job and I don’t see that is possible, despite this huge bearish momentum. The opening price for 2016 is exactly $100 away from this level at 1062.40 and 61.8 fibo return for this year is broken at 1178. The current price at 1160/62 could be a support as well, and 1178/80 could become a resitance on the way to recovery from here, but there is not much optimists anyway as we can see. This could be the sign that the sellers will continue to push the price down toward the next support at 1130. As we have FEDs interest rate decision on December 14. this move could become even more ugly here and if the price will be near 1130 before the decision, 1100 could be the last target for 2016. Can buyers respond there if that level could be reached? Yes, in my point of view. That’s why, the opening price for 2016 at 1062 will be tough for sellers to reach as I see it and 1100 could be the reversal point. Whatever happens, gold could lost its shine almost in complete in 2016, what was hard to expect before 20 days, isn’t it!?