Gold Higher Overnight
December gold was higher due to short covering overnight as it consolidates some of last week’s decline but remains below the 10-day moving average crossing at 1004.10. Stochastics and the RSI are turning neutral hinting that a short-term low might be in or is near. Closes above the 10-day moving average crossing at 1004.10 would temper the near-term bearish outlook in the market. If December renews last week’s decline, the 38% retracement level of the July-September rally crossing at 980.70 is the next downside target. First resistance is the 10-day moving average crossing at 1004.10. Second resistance is this month’s high crossing at 1025.80. First support is last Friday’s low crossing at 985.50. Second support is the 38% retracement level crossing at 980.70.
Categorised as: Gold News