GOLD. 12/06: Gold new week!

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Gold prices started the week softer and moved further away from one-week highs, around the 1,970$ region touched on Friday. XAU/USD trades just above 1,960$ during the Asian session, albeit without any further selling and manages to hold above the key support of the 100-day Simple Moving Average (SMA).

On the downside, Friday's highs, around the 1,975$ area, now appear to act as immediate resistance ahead of the 1,981-1.983$ supply zone. A sustained strength beyond that could trigger a short-term offsetting move and lift Goldp rice to reclaim the psychological 2,000$ mark. GOLD might extend its upward trajectory and eventually climb to the next relevant resistance near the 2,008$-2.010$ area.

I expect GOLD to fall to the 1939$-1942 zone, then when it encounters resistance in this area, it will return to the expected level of 1980$-1982$.

Stop loss 70pips per trade

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