Gold’s up trend finally resumes with a powerful move to as high as 2030.86 so far, breaking 2000 handle for the first time ever. It’s now pressing an important long term projection level, 261.8% projection of 1046.37 to 1375.17 from 1160.17 at 2020.96. It remains to be seen if this projection level, together with overbought conditions, would cap gold’s upside and bring an overdue correction.
But for now, near term outlook will remain bullish as long as 1966.89 holds. Sustained trading above 2020.96 will pave the way to next medium term target of 161.8% projection of 1451.16 to 1747.75 from 1670.66 at 2150.54.
