Due to the holiday season in US and Europe the volatility in stock, commodities and forex had came down drastically and it is expected to continue till the New Year Eve.This year is the first year since 1997 that gold will finish with a double-digit drop.
However the short term outlook on gold looks bullish with supports coming around $1197 on the intratrend hourly charts. One can maintain a positional buy mode as the level holds and reverse your position to positional shorts if the support breaks on the hourly charts
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