Wednesday, November 8, 2017

For gold to climb it must get out of its $1265 - $1290 range

Over the past three weeks gold has remained steady in a relatively small range.  And going back to Oct. 17 when it last was above $1300, when have seen the precious metal fluctuate between $1265 and $1290.

A convincing break through the trading range resistance is likely to accelerate the up-move towards $1290 intermediate resistance ahead of the $1295 barrier. On the flip side, $1275 level now becomes an immediate support to defend, which if broken might drag the metal back towards $1269 level en-route $1265 strong horizontal support. – FX Street
Even geo-political events like what is taking place in Saudi Arabia and Venezuela have not been enough to push gold prices through a difficult resistance level.  However it appears that demand has been enough to keep support at $1265, which bodes well for any real increase in buying through the end of the year.

1 comments:

Oh yes it always seems that gold ranges increases day by day. It could be beneficial for one who has gold. I mean they can sale it in higher prices which they have bought in low prices.

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