Gold is not keeping all too quiet on Christmas Eve
Gold is moving towards challenging the 100-day MA (red line) today and may look towards $1,500 next if buyers can find some added conviction to break the key level above.
You can chalk this to a technical directional break above the trendline resistance but gold tends to be quite the runner when it comes to late December and January - in the build up to the Lunar New Year to be more precise.
In 2017 and 2018, we have seen gold run up in December - even before the January seasonal effect kicked in. And this year, it looks to be no different.
In any case, this has been one that Adam has pointed out time and time again and I also talked about it at the end of last month here as well. It is something that everyone should keep in their back pocket, even if you don't heavily rely on seasonal patterns in your trading.
For now, let's see if buyers can keep up the good momentum and look towards trying to break the 100-day MA and the $1,500 level. That will be a good platform to build on once liquidity returns back to full swing next month.
