On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,749.65 a troy ounce during early European morning trade, easing down 0.09%. The February contract traded between a range of USD1,747.25 a troy ounce, the daily low and USD1,758.75, the daily high.
Gold futures were likely to find support at USD1,700.50 a troy ounce, the previous day’s low and resistance at USD1,766.95, the high of November 17.
GOLD Support: - 1732.50(main). Break of the latter will give 1720.14, where a correction is possible. Then 1709.30, where a correction is also possible. Be there a strong impulse, we would see 1696.33. Continuation wil give 1682.10.
Resistance: - 1749.50 and 1756.00(main), where a correction may happen. Break would bring 1779.67, where a correction may also happen. Then follows 1806.22. Be there a strong impulse, we’d see 1821.46. Continuation would bring 1842.20.
SILVER
Support: - 32.38 and 32.12(main).where correction is possible. Break of the latter would give 31.96, where correction may happen. Then goes 31.47. If a strong impulse, we would see 30.92. Continuation would give 30.60.
Resistance: - 33.16(main), where correction is possible. Break will lead 33.28, where again may be a correction. Then follows 33.40. If a strong impulse, we would have 33.62. Continuation would give 34.03. Source www.forexpros.com
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