Gold at Critical Resistance into Q4 Open- Bulls on Notice
Gold held below a key resistance pivot into the close last week at 2643/71- a region defined by the 100% extension of the 2015 advance, the 1.618% extension of the June advance, and a host of short & long-term slope considerations. Bottom line- looking for a possible inflection off this mark into the start of the month with the immediate rally vulnerable while below.
Initial weekly support back at 2516/24 with broader bullish invalidation steady at the May high near 2450- losses should be limited to this level IF gold prices are heading higher on this stretch.
A topside breach / close above this 2671 would keep the focus on subsequent resistance objectives at 2743 and the 2.618% extension of the 2022 range at 2804.
Michael Boutros
MBForex
Initial weekly support back at 2516/24 with broader bullish invalidation steady at the May high near 2450- losses should be limited to this level IF gold prices are heading higher on this stretch.
A topside breach / close above this 2671 would keep the focus on subsequent resistance objectives at 2743 and the 2.618% extension of the 2022 range at 2804.
Michael Boutros
MBForex
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