Chart of the Day – #Gold – (November 7th, 2022)

Gold is testing the key confluence of resistances at $1680. These are: the 61.8% Fib of the last leg lower, the 50DMA and most importantly the descending channel’s T/L resistance. It is more than obvious that a break higher from here will really open the upside with $1729 being the next upside target. $1616 remains key support to the D/S, it is a level that has now been tested 3 times without breaking.

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