Gold Forecast: December 2021

Gold clearly demonstrated a rather turbulent month of results in November and traders should prepare for the potential of additional amusement park-like thrills.

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Gold is trading slightly below the 1800.00 juncture, as of this writing as December gets set to start. Speculators who have not been paying much attention may believe that gold has not seen much price action in the past four weeks. The precious metal started November near the 1780.00 level and looking at today’s price could be thought as having produced a rather polite gain of only 20.00 USD per ounce. However, this is not the reality because gold traded in an energetic manner, and demonstrated rather turbulent volatility.

On the 3rd of November gold was trading within the 1756.00 vicinity and on the 16th of the month, gold attained a high of nearly 1878.00.  After hitting the apex for the month of November, gold slumped and fell to a low of nearly 1777.00 on the 24th. And since then news about the new variant of coronavirus has flourished and has put safe-haven investors on high alert without causing any pandemonium as of yet. A high of 1815.00 was seen on the 26th of November, but the price of the commodity has reversed lower since then. Will volatility strike again soon?

Technical and fundamental traders are all likely feeling rather perplexed via the results of gold the past four weeks. The highs made in November tested values not seen since June of this year, while the lows reflected support levels which have been largely acting as a buffer since August with the occasional outlier taking place regarding value. Gold did hit 1720.00 on the 19th of September and witnessed a flash crash in the second week of August due to an imbalance in the market when a large speculative position caused the price of the precious metal to spike lower momentarily and hit a mark of nearly 1680.00. Cryptocurrency traders aren’t the only ones who get to deal with massive price movements.

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