More patience is needed for gold buyers
The jump on Friday was encouraging as it sealed a move above the $1,800 mark and also above the key daily moving averages (now seen @ $1,786-91).
That puts buyers in control but any suggestion of a bullish break is still not quite in the works just yet - at least from a technical perspective.
The key trendline resistance and the July to September highs in the region of $1,832-34 is still very much limiting any upside momentum in gold.
And until that breaks, gold buyers will have to remain more patient.
The good news for gold is that there is a seasonal tailwind approaching going into December and January. However, a lot still hinges on the bond market and direction of real yields in particular. The recent short squeeze in bonds isn't making things easy.
But one can always look towards the technicals for some idea and I'd be keen to work with a seasonal push higher (especially one with a well-founded track record) in gold if the charts are also supportive.
