Last week, the gold price dropped to the 1550 region as expected, and made a seven month low at 1554.83 before recovering.
We believe that an interim low is now in place, and that the precious metal should reach the January low at 1625.77 in the next few days..
Between it and the 1635.48 December low, the gold price may encounter resistance, at least for a few days.
Further upside targets can be seen at the 38.2% Fibonacci retracement of the October-to-February decline at 1647.07 and around the 1651.84 late January low.
In view of our now short term bullish outlook, we have changed our medium term forecast to neutral. This will remain the case while the gold price stays above last week’s low at 1554.83. If not, we will be bearish again and target the 1522.48 December 2011 low instead.
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U.S Gold Futures To Trade On Short Term Bullish
Published 02/28/2013, 06:23 AM
Updated 05/14/2017, 06:45 AM
U.S Gold Futures To Trade On Short Term Bullish
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