Update on Gold (Nov)

After a month-long consolidation in the 1266-1286 zone, Gold saw a nice breakout last Friday. It now needs to stay above the 50 DMA (1290 currently) for the bulls to target 1310 and 1328 to begin with. My long term bullishness got a shot in the arm with that Friday breakout. Also, the seasonal demand for Gold may be working in our favor. Just take a look at the Gold price moves (Dec-Mar) for the last 4 years. The two charts below should explain why I am bullish on Gold

Gold Nov 19 (1)

Gold Nov 19 (2)

Click here for the prior article on Gold and the long term forecast (Oct update)

 

 

About Venkat Pulakkad

Entrepreneur, management consultant, blogger & forecaster. Founder of Flourish Research Media that provides insights on markets, trading strategies & risk management. Currently an active trader with 20+ years of experience trading Forex, Stocks & Options. Areas of interest: Trend / Swing trading, Macro-tech analysis, building trading strategies, deploying Risk Management techniques, and helping / coaching traders to become successful traders. Twitter link: https://twitter.com/Flourish_Venkat      
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