Chart of the Day -Gold- (Nov. 21st 2018)

22nd November 2018 Off By binary
Chart of the Day -Gold- (Nov. 21st 2018)

Gold is pushing higher towards the 200DMA.

Gold has been in major consolidation mode over the summer, and the risk is mounting for a move back towards the 200DMA (daily simple moving average). The RSI has also been tightening as we work highs in an up-sloping channel. A move higher, especially past the dotted previous support that has capped the last rally, would find the underside of the long-term broken trend line as well (currently passing from the $1260 area).

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Blake Morrow

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