Is the gold market already headed back to recent highs after shallow pullback?
Gold
November 20 (King World News) – Naveen Nair from Citi: Gold prices are testing resistance at 2645 (55d MA) now, having turned around since breaking below the 2600-2627 support earlier this month (psychological support, October low, 55d MA), and finding support at 2547 (September 18 low). We have also and posting a bullish outside day (Nov 18th).
Gold Rallying After Bullish Outside Day (Nov 18)
A break of the 55d MA would leave the next resistance at 2790-2800 (October high, and psychological resistance).
Upside Likely To Resume
We had then held the view that weekly indicators had only suggested a small dip, and that extended downside was not likely. Now, we think that upside is likely to resume.
Weekly Chart Suggested The Small Dip Followed By Resumed Upside Advance For The Gold Market
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