12 Dec Thursday View

I was supposed to post this in the morning, at that time the price was trading at around USD 1254, then it would have made some sense, but still it reflects some view, I hope.

Gold bounce back from USD 1210 level is kind of loosing steam after it tested a high of USD 1267 the day before. Other than as been told in various resources that the short covering and fresh buys from funds in low, there really doesn't seem a persistent driver to push the price further up. But long as the price is above USD 1250/1235 a chance to push further upwards to USD 1325 can not be ruled out. Let's see the channel of USD 1250 and USD 1275 as neutral zone after the previous fall. Above USD 1275  there could be an extension of current correction towards USD 1325. Below the channel chances are the price will resume first towards USD 1210 and then USD 1180.

Holidays are nearing resulting the trading volume to fade out which may result non directional swings. Fed is due to meet on 17-18 Dec and pretty much everyone is waiting to see what it does about the QE and that could move the price abruptly once again.

Trade Safe :)