XAG London Silver – Silver fell below the recent low and is still in the bottoming stage

Gold prices in London stabilized slightly on Thursday after falling sharply on Wednesday as markets expected the Federal Reserve to adopt a cautious easing policy over the coming year. Data released on Thursday showed that the U.S. economy grew faster than expected in the third quarter and the number of people applying for unemployment benefits fell more than expected. The next focus will be on the US core PCE data due to be released tonight for further clues on the economic outlook.

As can be seen from the technical chart, the gold price has temporarily stopped falling at the 2580 level in the past two days, and the RSI and stochastic index also showed initial signs of recovery in the oversold area. It is expected that the gold price will see a decline of about $140 in more than a week. Slowed down. Looking up, resistance will first be seen at $2,600 and $2,628, and further reference will be made to the 25-day moving average of $2,646 to $2,665. As for the support level, it will refer to US$2580 and US$2572, and the next level will point to US$2535 and US$2510.

London Gold December 20
Predicted early range: 2599 – 2606
Resistance 2615 – 2629 – 2642 – 2664
Support 2586 – 2572 – 2564 – 2556

SPDR Gold Trust gold holdings:
December 9 – 870.79 tons
December 10 – 870.79 tonnes
December 11 – 873.38 tons
December 12 – 868.5 tons
December 13 – 863.9 tonnes
December 16 – 864.19 tons
December 17 – 864.19 tons
December 18 – 863.9 tonnes
December 19 – 860.74 tonnes

19/11 AM London Gold Fix: $2621.3
19/11 PM London Gold Fix: $2592.45
 

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