Gold Prices To Find Difficulty Maintaining Higher Levels
Mike Macdonald | Oct 30, 2016 03:09AM ET
Gold is extending the bounce from the $1241.20 low of 7 October, with focus now on the $1292.25 retracement.
Any break is expected to find difficulty reaching $1301.91, however, as short-term studies turn mixed and background readings continue to track lower, with risk of a pullback towards $1250. Beneath here is the $1234.45 low of 7 June, but critical supports at the $1210.50 retracement and the $1199.60 low of May should provide fresh stabilisation opportunities.
A close above $1301.91, however, would improve investor sentiment, and promote fresh consolidation.
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