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Gold started to perk up over the past month, finishing November on a very strong note.
But there is much more going on here. Gold closed at a key price resistance level —and not just any old resistance level.
Today’s long-term monthly chart of gold futures highlights the importance of gold’s price movement as we move into December and beyond.
As you can see, the month of November saw the yellow metal rally sharply — just look at that candle. But this rally came after gold declined below its 2021 low and back into its old rising price channel—see each (1).
Currently, Gold is knocking (once again) on the top side of this rising channel at (2). What makes this resistance level so important is that it also lines up with the 2021 lows (green arrows) as well as its 2-year falling moving average.
It will be very important to see how the price performs in December (and perhaps January). A closing over resistance at (2) would be a good sign that a bullish reversal is taking shape. Stay tuned.