Technically it is not a very good sign for gold as gold december future failed to break $652.50 as well as failed to hold $641.50. These are the key levels which gold must hold or break to be in bullish momentum else the rise is nothing but a selling opportunity. Silver is firm in anticipation that there will be greater demand from China and as well as higher investment demand.
In the absence of major markets moving economic news as well as geopolitical news traders are not taking any chances and booking profits at every level which is pushing down prices. US is facing resistance from China and Russia on sanctions on Iran and unless there is a clear picture of the same gold and silver will continue to find sellers at higher levels. Higher physical demand from Asia has been discounted in the current prices and gold needs some short term hot money to see a major spike. Silver there could be short term correction which will provide another investment opportunity. Gold’s long term bullishness remains intact, peak volumes in gold will return from next week as late comers start trading. Its an out an out a technical market and there is a delinking between bullion and other financial markets.
GOLD -- DECEMBER FUTURE
Gold needs to break and hold $642.50 else a fall to $634.50 and $628 are on the cards. On the higher side only a daily close over $652.50 will result in further gains to $659 and $666.
SILVER -- DECEMBER FUTURE
Silver needs to hold $1282 on closing basis to prevent a fall to $1262 and $1237. On the higher side $1344 is the initial resistance with $1392 as the key short term resistance.
Happy Profitable Trading
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