While a spike downward to long-term trendline support around $1,625 can’t be ruled out in the immediate future, Gold has been giving some encouraging signals in recent days as the strong support band between $1,665 and $1,680 has been holding. In John’s 6-month daily chart below, note the Slow Stochastic indicator and how the RSI(14) has bounced off support. Next week and the month of December should be very interesting for Gold – it’ll be “decision time” for the yellow metal as trendline support meets the $1,685-$1,680 support band.
