Gold Ready to Resume Lower?
Gold Ready to Resume Lower?
The rebound that started in November has lost its upside momentum and gold is now testing again the ascending T/L support at $2645. A break below this T/L opens the downside again for another leg lower that can take us as deep as $2473. Key resistance is now at $2720. The fate of the dollar will clearly affect the metal but don’t forget that geopolitical developments can also have a big influence since gold is one of the best safe-heavens.
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