Gold made a low of $1,122 on Dec 15 last year and since then it has been gaining in price. Gold is now $1,287 and is trading at the upper trendline on the medium term outlook.
If the level holds, we might see bears taking over the Gold market and pushing the price down to a first support zone at last low of $1,246. However, the trend seems solid and we might more likely see the metal going higher to a first and very important level - $1,300, the psychological target.
Tomorrow's US data might give the metal a more certain direction.
Chart: XAU/USD H4
Very impressive rally.
ReplyDeleteThe gold seems unstoppable.
ReplyDeleteIt will likely reach $1,300.
ReplyDeleteInvestors' apprehension about the geopolitical situation in the Middle East and the Korean peninsula has resulted in a greater aversion to risk. Thus, there was a sale of this type of asset, whereas the gold and the bonds of the states considered more secure were much sought after.
ReplyDeleteExcellent analysis, very helpful!
ReplyDeleteThat's good to know, thanks.
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDelete