Gold Prices December 28, 2012, Technical Analysis

The gold markets were slightly positive during the session on Thursday in what would’ve been a very volatile trading day on Wall Street. Because of this, most traders were willing to go in one direction or the other with any significance and with that being said it does look like the $1650 level is going to act as support going forward. In fact, we think the seasonal selloff in this market is just about done, as traders had to realize gains for their clients. Now that we are closer to January, there is a good chance that traders will start to get involved in this market again and push prices higher. Because of this, we are willing to buy gold as we certainly won’t sell it.