Gold is testing the November high

Gold is testing the November high

Since yesterday, gold has been testing the November high of 1,476. On the daily chart, it is also visible that it is testing the resistance of the 50-period and 100-period Moving Averages. This means that the bullish factors are slowly gaining momentum in the market. At least, the bearish bias is not as evident as it has been since the beginning of September. This, in turn, is confirmed by the rising lows of the Awesome Oscillator in the previous month. Although it is too early to state the market reversal upwards, the resistance level of 1,491 may be a good threshold to check it. The crossing point of the two marked trend lines is located right at this level. If the price breaks it, it will likely go for 1,515. Further resistance levels will be the September highs of 1,533 and 1,553. For the downtrend continuation, the November low of 1,453 may be set as the support level.

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