Gold retreats

Gold retreated below resistance at $1200/ounce, suggesting another decline. Follow-through below $1130 would offer a target of the December 2015 low at $1050*. Rising interest rates, a stronger Dollar and steps by the Chinese government to restrict private gold purchases — in an attempt to support the Yuan — all impact on demand.

Spot Gold

* Target short-term: 1130 – ( 1200 – 1130 ) = 1060