Gold’s uptrend accelerates further as another week starts and hits new record high at 1944.349. Prior record of 1920.70 made in 2011 is now taken out.
From near term point of view, next target will be 100% projection of 1451.16 to 1747.75 from 1670.66 at 1967.25 next. On the downside, break of 1887.16 minor support will bring some consolidations first.
Though, the real test will be on medium term target of 261.8% projection of 1046.37 to 1375.17 from 1160.17 at 2020.96.
