The gold climbed to a high of $1414 an ounce, compared to the low of USD 1372 an ounce in the end of last week, supported by Euro’s recovery from a three week low against the US Dollar. At this period trade is thin as most of funds and banks are out of the market. Little activity is expected during the break.
The markets will resume properly in the first week of January and investors expect gold to climb around $1450. an ounce. Fears about Euro zone’s peripheral economies debt crisis still exist and are not going to vanish easily. These concerns make people to feel better when they hold a tangible asset.
• The next support levels are located at the $1410, $1400 and $1390 levels.
• The next resistance levels are found at the $1420, $1435 and $1450 levels.
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Anton Eljwizat is a Currency Analyst with ForexYard. His experience in writing technical analyses for trading companies such as ForexYard has helped Anton stand out among other analysts. His understanding of technical indicators and chart analysis helps him provide some of the most groundbreaking analysis in the market today. His writings have been published on the ForexYard Trading Blog and affiliate websites. Anton holds a degree in Business Management from Ryerson University as well as a degree in Finance from Centennial College in Canada.
