Commodities Weekly (29 Oct ’16)
Gold is extending the bounce from the USD1241.20 low of 7 October, with focus now on the USD1292.25 retracement.
Any break is expected to find difficulty reaching USD1301.91, however, as short-term studies turn mixed and background readings continue to track lower, with risk of a pullback towards USD1250.
Beneath here is the USD1234.45 low of 7 June, but critical supports at the USD1210.50 retracement and the USD1199.60 low of May should provide fresh stabilisation opportunities.
A close above USD1301.91, however, would improve investor sentiment, and promote fresh consolidation.
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