And with the global monetary system printing over 10 Trillion since 2006, the long term price of gold is certain to continue rising long term. However, for the short term ahead there is a good possibility of diminishing strength in golds run up since January.
Solid support exists 11% to the downside, but the next significant resistance exists less than 4% above from 1412 to 1430. Traders don't see an attractive risk to reward ratio and are currently entering short positions on gold .
After a minor move downward watch for renewed strength in the gold price with short covering as the larger trend continues in the price of gold .