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The increasing doubts of Federal Reserve action in 2015 have weakened the US dollar significantly, leading to a period of recovery across many of the US denominated commodities.
Gold could see $1178
Gold bulls have been well and truly in control throughout October, as dollar weakness continues to drive the price higher. However, price now approaches a key resistance level at $1170 which represents the August peak. Given how notable this level is, I would expect some form of response.
However, we have seen gold take out a number of notable levels relatively easily and thus I would not be surprised to see a break.
For now, I await the response to $1170, where a close above this level would indicate a possible move towards $1178, which is the next major level of resistance. However, be aware of any bearish reversal signals below $1178 for some form of retracement.