Gold posted modest gains on Thursday amid a weaker dollar, on a thin day of trading in the final session before the Christmas holiday. On the Comex division of the New York Mercantile Exchange, gold for February delivery traded in a tight range between $1,069.30 and $1,076.40 an ounce, before settling at $1,076.10, up 8.00 or 0.75% on the session. Following several days of choppy, volatile trading last week marked by wild fluctuations in metal prices, gold has stabilized throughout the abbreviated week. The precious metal closed on Thursday only several percentage points below its level toward the end of last week after the Federal Reserve abandoned a seven-year zero interest rate policy by approving its first rate hike in nearly a decade. Gold likely gained support at $1,046.20, the low from December 3 and was met with resistance at $1,179.10, the high from Oct. 20. Global market set to cool down ahead of holiday season : The global markets are gradually decelerating ahead of the holiday period as lower volumes and a relatively light economic calendar have provided the opportunity for inconsistencies to spring up across the board. In addition the high levels of volatility seen in recent days could contribute towards the ongoing concerns around the aggressive oversupply of oil in the global markets, however with Christmas just two days away the markets may be set to rapidly cool down until the New Year, according to ForexTime.
An appreciating Dollar may act as a trigger which should encourage sellers to send prices down towards $1046 and potentially lower.
Strategy:-
Gold will retrace further if prices start to trade above 25200 levels below which prices will test 25000/24920 levels in that case. The counter needs to sustain above 25200 to rebound towards 25400/25450 areas.Any major upside islikely only on a daily close above 25500. Until then 24740 to 25750 will be the broad trading range for the counter.
Silver had tested its major support around 33150 levels. A decisive breakdown below this support will push prices lower towards major support zones between 32600—32650 zones. Pullback rallies from current levels will see prices test resistance around 34500 levels. The uptrend will resume only once prices breakout above 34500 levels decisively.
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