December gold was higher overnight
December gold was higher overnight as it extends this week’s rally into uncharted territory. Continued weakness in the U.S. Dollar along with fears of inflation continues to underpin this week’s rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. As 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 the overnight high crossing at 1049.70. First support is the 10-day moving average crossing at 1009.60. Second support is the reaction low crossing at 985.50.
Categorised as: Gold News