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As the festive week comes to a close gold has since stabilised after last week's fall. Gold looks like closing around the $1611 level - good for about a $10 increase on the week. Rather frustratingly though gold managed to get above its 200 daily moving average on Wednesday getting as high as $1645 only to give all the gains up by the close.
The 200 daily moving average is the first line of resistance that gold will have to get back above and currently stands at $1624. We will probably have to wait until next year now to see a decisive break higher, although even at these levels gold has still been good for about 15% for 2011.
Rather interestingly in £ terms gold has been performing much better than in $ terms. Gold priced in £s has stayed above its 200 daily moving average and is looking to close the week at £1024.
For all the huffing and puffing silver has done all year it has essentially gone nowhere and is back trading around $30, about where it was at the start of the year. But that seems to be the nature of silver and it really can turn on six-pence. We expect this volatility in silver to be in more pronounced in 2012.
The Gold Made Simple team wish you all a very Merry Christmas.
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