Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🔥 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Gold Fell $100 In November

ByGoldTradingExperts.com
Published 12/02/2013, 05:57 AM
Updated 07/09/2023, 06:31 AM
GC
-

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.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.