Spot Gold Extends Bullish Correction

Published 04/26/2013, 07:35 AM
Updated 05/14/2017, 06:45 AM
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Gold (daily chart) has extended its bullish correction towards the key 1475 resistance level. This occurs after the price plummeted to a low of 1321 less than two weeks ago, which approached major support around the 1315 level. Since that two+ year low was established, the price has made a partial recovery with a bullish correction that has risen above the 1425 support/resistance level. Just today it reached the 50% Fibonacci Retracement of the recent plunge.
Spot Gold
While the trend for gold is still clearly to the downside, the current bullish correction could likely extend further before a potential resumption of the bearish trend that has been in place since the October-2012 highs of near 1800. Key upside resistance objectives on an extension of the bullish correction reside around 1475 and then 1530, with the latter objective representing exceptionally strong resistance.

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