Chart Of The Day: Gold turns short-term weak as staying below 3-month-old support-line

Wed, 06 Nov 2019 14:19

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Irrespective of the yellow metal's latest bounce, mainly due to the doubts over the US-China trade deal, prices stay below near-term key support-line, now resistance. As a result, bears could keep an eye over 50% Fibonacci retracement (Fibo.) of July-September upside, around $1469, ahead of targeting the 100-day SMA level of $1463. Should bears dominate past-$1463, July 17 high near $1452 and 61.8% Fibo. close to $1448 will become their favorites.

On the upside, the bullion needs to remain strong above support-turned-resistance, around $1494 now, to revisit $1500 and $1517/19 area including multiple highs marked since early October. It should also be noted that $1536 and $1557 will flash on bulls' radar past-$1519.

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