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Gold stabilising ahead of support
The gold ship has steadied following a four-day correction that was triggered by the yellow metals inability to break resistance at $1788 per ounce. That failure triggered long liquidation from funds who had just added the most length in COMEX gold futures since June 2019. That reduction is now showing signs of having run its course with buying emerging at the former resistance level, now support at $1735. In a recent gold update before the metal sector received a boost from a weaker dollar and lower US bond yields, we highlighted the importance of $1735 as the trigger for a potential change in the trading behavior ... (full story)
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- Posted: Nov 22, 2022 9:16am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 126
