Gold mirrors late October pattern
Gold has tested, but held above, the 200-day simple moving average (SMA) at $1272.90 for the past four sessions. This mirrors the pattern seen during the last few days of October.
Dips towards $1270.00 continue to be bought, so long positions with stops around here could provide a way of playing a bullish view. Below $1270.00, the price will head towards $1264.00, which has provided strong support since the beginning of October.