The gold climbed to a high of $1414 an ounce, compared to the low of USD 1372 an ounce in the end of last week, supported by Euro’s recovery from a three week low against the US Dollar. At this period trade is thin as most of funds and banks are out of the market. Little activity is expected during the break.
The markets will resume properly in the first week of January and investors expect gold to climb around $1450. an ounce. Fears about Euro zone’s peripheral economies debt crisis still exist and are not going to vanish easily. These concerns make people to feel better when they hold a tangible asset.
• The next support levels are located at the $1410, $1400 and $1390 levels.
• The next resistance levels are found at the $1420, $1435 and $1450 levels.
