• SILVER $31.02
  • GOLD $2427.31

UK election is due on 12 December

December 11, 2019

High volatility expected during UK election voting on 12 December and at the time of result announcement.

Currently spot gold trading at $1465.45 per ounce. Signals are mixed as it keeps bouncing towards a resistance at $1466. Resistance is provided by 50% projection level of a downward movement from $1515.40 This trend expected to extend to $1417.

A break below $1455, could leads towards $1417. Alternatively, a break above $1466 could aborted downward movement and will move towards $1478 or $1492. On daily chart, gold is consolidating within a short rising channel. The consolidation looks like a part of a bearish flag that developed from the Oct. 31 high of $1514. The downtrend from $1557 remains steady within a falling channel, which suggests a lower target at $1417.

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