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Gold: Under pressure

Gold has been unable to maintain any traction above 1700 lately and it has drifted downwards with the precious metal shedding about 40 dollars in just two days. Considering that it is not unlikely for investors to sell off highly profitable metal trades towards the end of the year and with Christmas around the corner, there is further downside potential but we do not expect the market to generate a serious and lasting trend under these conditions. At 1670 at the time of writing there is further downside potential down to support at 1660. A break below that area would trigger a drop towards 1651. In the alternative scenario, an upside breakout of 1687 could open the way to 1703 and 1710. Onto the main topics of today, traders have a lot to absorb on the economic data front as a swathe of US data is due for release with the US GDP and US Jobless Claims among the most notable.

Dafni Serdari
Market Analyst
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