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.
Good insight.
ReplyDeleteGood to know.
ReplyDeleteGreat post! I fully agree with your view.
ReplyDeleteWill keep in mind your asssessment.
ReplyDeleteIt retraced back to $1,300.
ReplyDeleteGold is very bullish.
ReplyDelete