I’m not getting a great read off the monthly chart for December gold, meaning it would not be a surprise if the contract continues to move sideways for another couple months. However, the most recent major (long-term) pattern is a bullish spike reversal during August 2021. That month saw the contract fall to a new low for its previous major downtrend of $1,675.90 before it closed the month $0.90 higher at $1,818.10. Heading into November initial resistance is at the previous 4-month high of $1,839.00. A couple other trends to keep in mind:
- The secondary (intermediate-term) trend remains sideways on Dec gold’s weekly chart
- The minor (short-term) trend looks to have turned down Friday as the contract posted a new 4-day low of $1,772.40
