Markets

GOLD: Trades Above Rising Trendline

Having halted its two-week losses the past week, Gold strengthened the past week though closing marginally higher. Despite its Thursday and Friday setbacks, we look for the commodity to strengthen further while it continues to hold above its rising trendline. This will leave it aiming at the 1,388.10 level with a break and hold above there setting the stage for more strength towards the 1,424.30 level. On further strength, the commodity should target the 1,450.00 level and then the 1,500 level. To reverse this view, the commodity will have to break below the 1,315.60 level, its Oct 18'10 low and its rising trendline. We believe that zone should declines if seen and turn Gold higher again but if snaps, a run at its psycho level located at the 1,300.00 level is likely. All in all, the commodity looks to return to the 1,424.30 level while holding above its MT rising trendline.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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