Gold Lull at $ 1800
Gold gave up $ 1800 levels at start of the week and traded near to a low of $ 1785 levels but it then started climbing from last Wednesday to mark a high near $ 1812 and finally settled the week just below to its resistance at $ 1809. Low volume due to holiday season is resulting in direction less move in gold. With no major data re-lease this week gold could remain sideways till next week as the traders come back on table.
Technically, Short term chart indications has not much relevance as we can see volume of trades is much less. Looking at the weekly and Monthly chart patterns, gold needs to close above $ 1773 this year to continue the bullish momentum. November close at $ 1773 indicates an inverted hammer formation, a subsequent close below $ 1773 this month should prompt a follow through selling on January when the real trade volumes resume.
Data and Events for U.S this week
- No Major Data
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