Gold may be preparing to breakout, just keep an eye on this…
Focused On $1,520 Gold
November 1 (King World News) – Top Citi analyst Tom Fitzpatrick: “We are still focused on the $1,520 level on Gold. That is one to watch at all times. It is the high of the initial bounce from the lows and the pivot of the bullish setup (76.4% retrace against the lows). A close above that level would be a decent break leaving the way for the highs and then the $1,600 area in this move.
It may seem like the Gold rally has been a function of USD weakness this week but that is not the whole picture. Gold/JPY has rallied for two sessions while USDJPY has been falling. Gold/EUR has also bounced back. This is an ongoing sign that central banks, including the Fed, have not yet finished their job in this cycle.”
Keep An Eye On This…
Graddhy out of Sweden: “XAUUSD/GOLD It is now breaking out, following my green rounded bottom. (See below).
Gold Breakout? Keep An Eye On The Green Cup
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Fleckenstein On The Dark Side, Fed And Gold
READ THIS NEXT! Bill Fleckenstein Discusses The Dark Side, What The Fed Is Now Facing, And What To Expect In The Gold Market CLICK HERE TO READ.
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