Is Gold`s Technical Correction Done?
Gold`s technical correction to the low of $1,550 was close enough to the final target at $1,520. Although I do not expect gold to start moving higher anytime soon, I do believe that gold, around the $1,500 area, is a good area to start building a long position. The downside risk is small, if gold trades below $1,500 then further downside potential is possible. Fundamentally, global monetary policies support the value of gold. Technically at this stage, I am expecting some consolidation and a base formation within the $1,500 area.
Any opinions, news, research, analysis, prices, or other information contained in this article is provided as general market commentary, and does not constitute investment advice. Commoditiesforexnews.com and author will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Forecasts for the Weeks of February 25 and March 4 Sequestration Politics: Taxes like King George
