Is to overcome the 1350 region but is likely to run out of steam around the 1400 mark.
- The gold price is about to reach the 1350 level where the July high was made.
- Even though this level is expected to be bettered we will retain our longer term bearish forecast while the gold price remains below the 1424.05 June high. This is likely to be the case since we are currently in the fifth minor up wave from the 1180.04 June low. This should then be followed by another decline back to the 1300/1250 region.
- Short term the gold price looks bid, however, and we should see further upside in the days to come. Upside targets are the 1365.91 June 11 low and the 1395.41 June 13 high as well as the minor psychological 1400 region.
- Unexpected failure at the current 1272.56 August low would our short term bullish outlook, however. In such a scenario the 1200 region would be back in play instead. This is not our favourite scenario, though.
Gold – Weekly chart
Is about to overcome the 1350 mark and targets the 1400 region.