COMEX:GCZ2012   Gold Futures (Dec 2012)
Gold daily time frame price action is currently clearly supported by the 9 Day SMA ( Orange ). The recent parabolic price action was a clear reaction to the FOMC announcements relating to QE3 and a falling USD. Indicators like MACD, Stoch. and RSI are all at extremely overbought levels. Any corrective price action or controlled pull-back would be seen as a good opportunity for Long set-ups by the majority of traders and investors. Current support on the downside is located at 1762.94 which is already mentioned (9 Day SMA) followed by 1722.39 which is the previous significant low and also 20 Day SMA. Alternatively the resistance on the upside is initially located at the 1792.70 level.


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