December Gold closed lower
December Gold closed lower due to profit taking on Thursday as it consolidated some of Wednesday’s rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week’s rally, September’s high crossing at 1025.80 is the next upside target. 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 1011.10. Second resistance is September’s high crossing at 1025.80. First support is last week’s low crossing at 985.50. Second support is the 38% retracement level crossing at 980.70.
Categorised as: Gold News