Gold remains vulnerable

21 November, 2018

On Tuesday, the precious metal faced rejection near a short-term descending trend-line, extending from over three-month tops set in October through highs touched earlier this month. The corrective slide, however, turned out to be short-lived, with the commodity regaining positive traction on Wednesday and recovering previous session's modest downtick.

Diverging technical indicators on hourly/daily charts haven't been supportive of the up-move and thus, the ongoing positive momentum runs the risk of quickly fizzling out at higher levels. The technical set-up clearly suggests that bullish traders are likely to wait for a convincing breakthrough the mentioned trend-line hurdle before positioning for any further near-term up-move.


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