Comex December gold futures on Monday scored a fresh four-week low of $1,667.10 an ounce and have pulled back from the November high of $1,804.40.
Importantly, however, see on the monthly continuation chart for nearby Comex gold futures that prices remain in a solid 10-year-old uptrend. Serious longer-term chart damage would not be inflicted until nearby gold prices drop below strong longer-term technical trend-line support at $1,550.00.
While the near-term technical posture of gold has turned less bullish recently, the more important longer-term bullish technical posture in gold has not changed at all.
Higher Prices Seen For Gold Next Week – Survey Participants
Higher Prices Seen For Gold Next Week – Survey Participants
Resources : KITCO
