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Gold Graded Around The 200-DMA At 1661 On Friday

By  |  Commodities  |  Dec 30, 2012 07:12AM GMT  |   Add a Comment
Gold Graded Around The 200-DMA At 1661 On Friday
By   |  Dec 30, 2012 07:12AM GMT
Yesterday was a predictably quiet day of trading, an "inside day" forming a doji on the daily chart. Gold is currently trading around the 200-DMA at 1661, finding resistance at the down trend line and the moving average.

If the market can clear this area, the next resistance area is at 1685, with the 20-DMA at 1689 above that.

We expect another quiet day of trading as 2012 draws to a close - barring any catastrophe over the next couple of trading sessions, gold will score a 12th consecutive annual gain, though the gain in 2012 will only be in the region of 6%.
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