Gold is up by just over 3% so far in the month of December
Gold is continuing to solidify its position above $1,500 as the greenback eases further in year-end trading conditions. Liquidity remains somewhat thinner but technically, there is good momentum for gold to track to the upside as we look towards the new year.
Price is currently challenging a minor resistance region around $1,512.44 to $1,519.65 with further resistance then seen closer to the September highs around $1,535.
Looking beyond that, gold buyers will be aiming towards retesting the year's highs around $1,557 next with the January seasonal pattern suggestive of further gains for bullion ahead of the Lunar New Year period.
The risk for any downside move now will be a return back below the $1,500 handle. That will see buyers lose a good platform to keep the run going as sellers will then look towards threatening the 100-day MA (red line) @ 1,492.71 next.
