Gold Hits Target of 1306/08
Jason Sen | Nov 03, 2016 09:32AM ET
Gold hit the target of 1306/08 and dipped to just above the important 1294/92 level. Holding above here keeps bulls in control today to re-target 1300 perhaps as far as 1306/08. We are overbought, so gains are likely to be limited now and we may be unable to beat 1306/08. It may be wise to take profits on longs but shorts are too risky until we see a sell signal...just be aware that further gains target 1312/14 in to the end of the week.
A break below 1292 risks a slide to strong support at 1285/84 which should hold the downside. Longs need stops below 1280.
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