Zlato, Gold, XAUUSD

HotForex Gold & Silver

(Kitco News) – Gold prices ended the U.S. day session with good gains Monday, popping back above the key $1,200.00 level on a corrective bounce after falling to a nine-month low overnight in Asian trading. Short covering in the futures market and bargain hunting in the cash market were featured. A sharp daily drop in the U.S. dollar index Monday also aided the gold and silver market bulls. However, gold and silver bears continue to have the firm overall technical advantage and bulls have much more heavy lifting to do in the near term to suggest prices can start to trend higher. December Comex gold was last up $15.20 at $1,208.00 an ounce. Spot gold was last quoted up $16.50 at $1,207.75.

Technically, December gold futures prices closed near the session high Monday after hitting a nine-month low early on. Gold bears still have the firm overall near-term technical advantage. Prices are in a three-month-old downtrend on the daily bar chart. However, Monday’s price action begins to hint the bears may be exhausted. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,232.70. Bears’ next near-term downside breakout price objective is closing prices below strong longer-term technical support at $1,180.00. First resistance is seen $1,210.00 and then at $1,215.00. First support is seen at $1,200.00 and then at $1,190.00. Wyckoff’s Market Rating: 2.0
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