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Hugo in HTO Trading,

GOLD: Pushes higher but holds at 1,237.96 resistance

Yesterday the U.S. government and U.S. Treasury markets were closed for the Columbus Day holiday. There were also no major U.S. economic reports due for release. That made for a bit quieter market place.

No headline news on today’s economic calendar so it may be a very quiet trading day.

GOLD rose yesterday to daily resistance at 1,237.96 where sellers finally came in and we saw a retracement from the high of the day but managed to close in the green and above the 10-day moving average. The stochastic is reaching the overbought condition. Will GOLD have enough strength to break the daily resistance zone?

Expecting a downward move to 1,204.70 on a break below previous day low at 1,223.17 (scenario 1) or a failed pullback to 1,237.96 could push GOLD to 1204.70 (scenario 2). A break above the 1,244.96 resistance zone can throw the precious metal to the next daily resistance at 1,268.42 (scenario 3).