GOLD – bullish, but potential for pullback.
A 10 year rally in GOLD throughout the 2000’s has stalled:, but with deteriorating sentiment between 2011 and 2015 attracting buyers back to the market from close to 1087.5, a key 50% correction to the gains.
Last year’s bounce has also stalled, - ahead of 1421.2, a 50% recovery to the 2012-2015 losses and a quarterly Shooting Star signalled a pullback which tested but failed to break the lows.
Renewed buying in 2017 has been in sympathy with a weak US$ exchange rate and the rally has taken the market into thick Cloud Cover and to test last year’s high.
There is no sell signal or sign that the demand to buy dips is ending. However, we expect profit taking pullbacks and these should be a buying opportunity.
For this reason we would lighten up on longs and look to buy the dip in front of 1300.0, last month’s Marabuzo line with a stop loss at 1251.5, August’s base.
Targets are to 1355.0 and 1375.5, last year’s top.
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