Gold is nudging higher Wednesday and continues to respect the support trendline started off the October 1 multi-week low at $1,458.5/oz. The precious metal has repeatedly tested this supportover the last two weeks but to date has not made a clean break and close below. Gold is now running into a group of recent highs, all below $1,500/oz. as well as the 20-day moving average. Above here, the downtrend line off the September 4 multi-year high ($1,557/oz.) and the 50-day moving average meet at $1,504.5/oz. A break and close above here would open the way higher to $1,520/oz. The bullish pennant set-up is now around $20 ... (full story)