Commodities Analysis and Opinion
Gold: Yellow Metal Tests Key Support Amid Ongoing Correction
2024.11.07 09:22
turned aggressively lower, finally starting a correction after a long period of appreciation. It is now testing the 1st important area of support, the confluence of the 78.6% Fib of the last move higher, the 50DMA and most importantly the ascending channel’s T/L support at $2642.
A break below this area is needed to open more D/S with $2602 being the next target but until that happens the R/R favors longs against this level.
