Gold’s Upswing In November Amid A Lower Trend Line

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There is clearly an upswing present since early November, but defining this upswing is a challenge so a broad in the Raff Regression Channel. It does a pretty good job of defining direction and accounting for volatility, which we are seeing now. The lower trend line ends around 112 and I will mark support here. The long-term trend for gold is still down and GLD has a big resistance zone in the 115-116.50 area.

GLD_daily_price_chart_20_November_2014

 

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