Gold price entering the bull territory

London (Nov 10)  Gold prices edged higher this week. If we observe the daily chart, the prices have managed to bounce back from $1263 level couple of times indicating that it has formed a strong base at the mentioned level. As the mentioned level was not broken, it triggered buying in Gold and prices rallied up till $1284 levels.

 With global markets at a multi-year high, slight correction in equities can trigger a panic sell-off and eventually all major fund houses will divert their money into the safe haven i.e. Gold. This is one positive trigger for Gold Prices for the next coming days.

 We expect prices to rally up till $1308 level in Comex, which is a strong resistance levels for the prices. A daily close above it can push the prices higher up till $1320 levels.

HFL