Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

3 Reasons to Watch Gold Prices in December

Published 05/12/2022, 16:38

Gold started to perk up over the past month, finishing November on a very strong note.

But there is much more going on here. Gold closed at a key price resistance level —and not just any old resistance level.

Today’s long-term monthly chart of gold futures highlights the importance of gold’s price movement as we move into December and beyond.Gold Monthly Chart

As you can see, the month of November saw the yellow metal rally sharply — just look at that candle. But this rally came after gold declined below its 2021 low and back into its old rising price channel—see each (1).

Currently, Gold is knocking (once again) on the top side of this rising channel at (2). What makes this resistance level so important is that it also lines up with the 2021 lows (green arrows) as well as its 2-year falling moving average.

It will be very important to see how the price performs in December (and perhaps January). A closing over resistance at (2) would be a good sign that a bullish reversal is taking shape. Stay tuned.

Latest comments

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.