Gold Technical Analysis: Bulls looking to build on descending trend-line resistance breakout momentum

London (Nov 22)  The precious metal built on the recent recovery from one-month lows and continued gaining positive traction for the seventh session in the previous eight.

   •  The commodity now seems to have cleared a resistance marked by short-term descending trend-line, extending from highs touched in Oct. and early Nov.

   •  Technical indicators on hourly charts have managed to hold in bullish territory and support prospects for an extension of the near-term positive momentum.

   •  However, oscillators on the daily chart have started losing traction and hence, failure to attract any follow-through buying might prompt some aggressive long-unwinding trade.

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