As traders return to their desks following the Thanksgiving weekend, gold has retraced all of Friday's gains and is now trading back below $1240 and the 200 hour MA.
Gold fell $100 in November, historically one of the strongest months of the year. The new month has started in the same vein and we expect lower prices into the end of the year from here, particularly as equities usually perform strongly in December, oil remains very weak and the dollar is recovering well from last month's sell off.
The economic calendar is quite full this week, with ISM and PMI released in the first half of the week and the Beige Book and various employment data released in the latter half of the week.
Support can be found at $1235, $1225, $1220, $1238, $1250, $1207-$1210, $1200 and $1180. A break of $1180 would have serious bearish implications for gold and suggest a decline to $1000-$1050 in the short term.
Resistance can be found at $1245, $1250, $1260, $1270, $1277-$1280 and $1291-$1295. A break above $1295 would suggest an end to the down trend, though it would take a break of $1360 to confirm this was the case.
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Gold Fell $100 In November
Published 12/02/2013, 05:57 AM
Updated 07/09/2023, 06:31 AM
Gold Fell $100 In November
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