Technical Analysis and Outlook
Gold closed higher on Wednesday. The high-range close sets the stage for a steady to lower trading on Thursday's session. The overbought but continuously in bullish trend Gold is signaling that lower prices are intact near-term following the Gold Rally $1248 completion (Stage 1) move on Dec 7, 10, with Dec 11 Key Resistance $1248 confirmation.
The decline target is projected to Mean Support $1237, while the next down destination is Mean Support $1230 level before Next Gold Rally $1275 will take place, while the Key Resistance $1248 will be the minor obstacle at that time. (For the latest market talk, please see the site 'Market Commentary' tab).
Gold closed higher on Wednesday. The high-range close sets the stage for a steady to lower trading on Thursday's session. The overbought but continuously in bullish trend Gold is signaling that lower prices are intact near-term following the Gold Rally $1248 completion (Stage 1) move on Dec 7, 10, with Dec 11 Key Resistance $1248 confirmation.
The decline target is projected to Mean Support $1237, while the next down destination is Mean Support $1230 level before Next Gold Rally $1275 will take place, while the Key Resistance $1248 will be the minor obstacle at that time. (For the latest market talk, please see the site 'Market Commentary' tab).