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Gold Commentary [16/11/17]
Gold’s price action can only be described as very negative overnight after closing two dollars lower at 1278.00 despite the dollar selling off and U.S yields falling. After racing higher in overnight trading from its 1280.00 open, gold failed just ahead of 1290.00 before giving back all of its gains just as quickly.
More worryingly for bullish traders, gold failed ahead of its daily double top at 1291.50 suggesting gold will face substantial headwinds to maintain any rally, let alone stage a meaningful breakout to the topside of six-week range.
Gold is now back at its mid-range position with support nearby at overnight low at 1276.60. It is followed by trend line support at 1267.60 and then the 200-day moving average at 1264.20.
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