Gold: Spot Price Outlook
Thus far, gold has been showing a rebound from the horizontal support base formed between $1,932 and $1,942,
“A rebound towards $1,973 remains within the boundaries of previous week's high of $1,983,”
Clearing through the $1,975-$1,978 initial resistance zone will set stage for a retest of the swing high of $1,983, and on strong acceptance above this zone, resumption of an uptrend targeting $2,006 can be followed by the next Fibonacci level $2,015.”
On the flip side, a sustained break below 100-Day SMA of $1,937 will eventually extend the drop to $1,913-$1,910,
“Gold bears may be preparing for repositioning their shorts from the higher zone of $2,006-$2,015 for a better risk-vs-reward ratio eyeing for $1,910.”
