NEW YORK (Commodity Online): Gold prices have broken above the $1750 level and COMEX gold is currently trading around $1790/oz. Traditionally, the November-December season has been bullish for gold.
The main reasons for higher gold prices during the end- year are the wedding season in India, jewellery buying on account of Christmas in the US and the increased Chinese buying ahead of their new year.
Shown below is a chart indicating the seasonal pattern of Goldover, 5, 10 and 30 years. As can be seen, the Nov-Dec period has seen higher gold prices over 30 years!
Technically, strong resistance can be seen at $1810-$1830 and breaks above the level can target $1950/oz. Support can be expected around $1770, $1720 and $1680.
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