Gold Desperately Needs To Ease Oversold Conditions
Jason Sen | Dec 01, 2015 07:40AM ET
Gold desperately needs to ease oversold conditions so a further recovery is possible today if we can hold above 1066/65. A break above 1069 could then target first resistance at 1074/75. Watch for a high for the day, but shorts need stops above 1078. Be ready to buy a break above to target strong resistance at 1084/85 for a selling opportunity.
Failure to hold above 1063, however, is less positive and risks a slide to 1057/56. Further losses test November lows at 1053/52. A break below 1050 adds pressure to target minor support at 1046/45 and below here look for 1042/41 then 1038/37.
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