Gold Prices Forecast December 7, 2012, Technical Analysis

The gold markets went back and forth during the session on Thursday, but remained anchored to the $1700 level. This area extends all the way down to the $1680 support area, and as such when we fell during the Thursday session it was no surprise that we bounced. However, we also struggle to gain, and this may be partially predicated upon the idea that we do not know what’s going to happen with the US fiscal cliff talks. Also, we have nonfarm payroll numbers coming out later today, and this will certainly move the precious metals market if we get some type of surprise. With this being said, we are still bullish, and are looking for either a supportive candle or a daily close higher than Thursday’s high.