Friday, December 29, 2017

Gold Renewed Its Rally And It May Continue Moving North

The trend lines on the chart are old, I have kept them so I can follow how the price of the metal is developing and now it is obvious that is has reached a trend line which could be a resistance. It is possible that at his level (1306) the metal could stall and then form a correction to the downside, testing the resistance at 1290 that it broke out above.

Despite that I think we can expect that the next target for Gold will be around 1330 - 1333. If Gold breaks out above that resistance the next target of the rally could be 1375-1380.

In case there is a drop Gold could test 1170 – 1130 but for now that doesn’t seem very probable.