Gold and the Seasonal Bounce

GCNYNF-D 12-11-2014

While gold is choppy, nothing seems different from the general overview that it should rise into its normal seasonal turning point. From there, it appears that gold will turn back down moving into the benchmark targets outlined in the report. The first resistance that must be overcome to hint that the seasonal bounce is unfolding requires a daily closing ABOVE 1256. That will open the door to a rally up to 1300, but formidable resistance stands at the 1330-1350 zone. It is unlikely that gold will rally beyond that level at the very best assuming there is even a rally.