Spot gold is testing resistance at $1800. A short retracement would indicate that a test of $2000* is imminent.
* Target calculation: 1800 + ( 1800 – 1600 ) = 2000
The Gold-Oil Ratio is headed for the overbought level at 20:1.
4 Replies to “Gold tests $1800/ounce”
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Looks like gold has gone parabolic,maybe time for a rest and retracement to support at the 1500 to 1600 range
Hi Colin, I like the old format which analyse charts since Australia share market follow up USA and Asia, and I don’t mind receive it later. Thanks!
Can’t agree more on Jay Towner’s comment. Yep long run am very bullish about Gold with all the economic development in US and Europe making it fundamentally a screaming buy. But, from traders perspective and also because of the pace it has rallied recently I feel it will take a breather before slowly moving to Colin’s target of $2000
Its not a matter of being bullish on gold. Its a matter of being bearish on the economy. We are (most likley) in for a long term recession meaning long term bearish tendancies throughout the equity markets. Therefore long term gold bullish tendancies.