In our last article: Another Stock Market Correction, Gold was trading at 1757 and a target of 1800 within the next month was given. This was met in advance on 8th July with the precious metal now trading at 1801, offering a $43 move or 430 point profit within 15 days.
There seems to be a lot of resistance around the 1815 area a on Gold so a breakout above there could pave the way for 1850. Currently it is trading just above the highs set in 2012. The all time high of 1920 was reached in September 2011. I prefer to stay out of any medium or long term positions in Gold at this stage considering another large stock market correction is potentially looming around the corner. Although I still have a slight bullish bias, I would prefer to buy a decent pullback to at least 1770 for a medium term long trade. Short term trading on this offers the best strategy currently at these relatively expensive levels.
Analyst Online UK offers a daily prediction on Gold through the Morning Note with more than 70% of the trades being profitable. All trades provided have stop losses and a target level which are easy to follow. The major indices have rallied significantly from lows witnessed in March but seem to be struggling to complete the recovery. Although the present epidemic has improved in the U.K and Europe, the figures have been picking up in the United States, Brazil, India and Russia. This continues to weigh down on the recovery despite stimulus measures. I still favour a further correction in the stock market in the coming months so would not be holding any long term positions.
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