After making a "double bottom" at 1635 overnight on Friday, gold climbed steadily all day, closing at 1657. Gold has opened today on a positive note, building on the gains of Friday and reclaiming the 200 DMA to trade around 1665.
Gold has broken the steepest downtrend line, bringing the decline to a temporary halt and needs to breach the second line at 1684 for the bulls to get back in charge. We expect gold to find resistance in the 1675-1685 area, though there is clearly some value seen in the price at these levels.
We expect a quiet trading session due to the Christmas holiday tomorrow and Wednesday - the rest of this week will also be quiet.
Wishing all of our readers a Merry Christmas and a very propserous New Year!
Gold has broken the steepest downtrend line, bringing the decline to a temporary halt and needs to breach the second line at 1684 for the bulls to get back in charge. We expect gold to find resistance in the 1675-1685 area, though there is clearly some value seen in the price at these levels.
We expect a quiet trading session due to the Christmas holiday tomorrow and Wednesday - the rest of this week will also be quiet.
Wishing all of our readers a Merry Christmas and a very propserous New Year!