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Gold technical review 21
Published on 12.10.2017 16:47

The gold price in on track today to rack up its 5th straight day og gains and from a technical position we can see on the chart that in each of the previous 5 sesions, gold has nanaged to break through a previous, support or resistance level.

As long a there is no sell off later in the trading session today, it is hard to see why gold can’t movu towards the next resistance level which is around $1,307 although their might be some slight resistance at the phsychlogical level of $1,300.

Yesterday’s Fed minutes meeting was good for gold as there tone of voice pretty much garanteed a rate hike in December which takes away the uncertainty of will they or won’t they and we now believe that a rate hike is already priced into gold at around these levels.

The other main uncertainty now is weather North Korea is going to launch any more missiles over the coming days qwhich should also help to support gold.

The material published in on this page is produced by the FIBO group companies, and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Andrew Masters

Analyst

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