Gold finds resistance at $ 1809
Gold traded to a high of $ 1809 last week and fell back to the support at $ 1760 last week. Towards the close on Friday it settled at $ 1784. Geo political events is sup-porting factor for gold to avoid a major fall. As we have seen seasonally towards the end of the year trading traders book their profit before they close their books. There is no major Economic data release for this week from U.S.
Technically, Friday gold has made more or less and engulfing pattern on daily charts, which indicates it could retest the previous weeks high of $ 1809. Meanwhile a fall towards last weeks low could open more room towards downwards $ 1720 levels.
Data and Events for U.S this week
- U.S CPI & Core CPI on Dec 10th Friday.
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