4th January Gold Outlook: $1852 Where Next..$1878 or $1824..?

Bullish Momentum tested $1865 and consolidates below this level. As long as $1865 is not cleared, we may witness some momentum distribution causing some drop towards support areas of $1852 below which $1846 and $1832 are seen as support. If selling continues, expect retest of previous week close of $1824 followed by 5 week EMA $1813 and 100 week SMA $1798

On the other hand, bullish trend can attract buyers at the test of support areas for resumption of rally that targets $1878 and $1896
Consolidation above $1824 and $1832 is seen a positive indication. Buying the dips would be a rewarding strategy as long as prices hold above support zone.