Gold bulls have a lot of work on the way up!

gold 10.12. dva

As I already mentioned in my previous analysis, gold hit 50% fibo return from the July 10. –> November 07. fall and daily MA100 at 1237/38. There is strong weekly down trendline as well, near 1250 and resistance/previous support at 1255, following 61.8 fibo at 1265. Gold is looking bullish, but this levels betewen 1237 and 1265 are the real test for the bulls. First step is done breaking 1220, let’s see what the bulls can do now on the way up! Hard work, whether they do it?

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