With many people wondering when the gold market will end its consolidation, this is what will trigger $1,650-$1,700 gold.
Gold: The Big Picture
November 13 (King World News) – Top Citi analyst Tom Fitzpatrick: “Gold may finally be finding a base here (yields look to be important in that respect). The present pattern (Sept-Nov) looks very similar to that seen in Feb-May before Gold broke out to the topside again. At the moment good support has held in the $1,442-1,453 area and the weekly candle looks, at worst, indecisive and possibly forming a bullish hammer. A move back over good resistance in the $1,510-1,520 area is needed to confirm and open up the way for renewed gains that we still think can reach $1,650-1,700 again. (See below).
A decisive break below the supports mentioned above would, however, suggest that extended losses towards $1,400 could be a danger…
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