December Gold closed higher on Wednesday
December gold closed higher on Wednesday as it extends this week’s breakout above resistance marked by September’s high crossing at 1025.80. Profit taking tempered early session gains and the mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends this week’s rally into uncharted territory, upside targets will be hard to project. Closes below the reaction low crossing at 985.50 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1049.70. First support is the 10-day moving average crossing at 1009.50. Second support is the reaction low crossing at 985.50.
Categorised as: Gold News