Gold update – Nov 23

Gold has moved in a range ($1672 to $1739) in the last few weeks. Current price is $1731, so pretty close to the upper bound of the trading range.

It seems that the next significant move for gold will be on the direction of the breakout. If the price breaks higher than $1740, the range the target would be around 1800. If it breaks below $1670 the target will be around $1600.

For the time being we wait patiently for the breakout or breakdown (whatever comes first) before we position ourselves for the next big move in gold.

Petros