The price of gold has surged recently. The move seems to be too fast in a too short time which could lead to a larger correction. Looking at the chart it seems that the market has broken an upper limit in an upward channel which has been creating since 2 years. Currently, the price may move back again inside the channel.
In percentage terms, the market may retreat by about 10 percent from the record high. The next potential support may be located at 1788 USD. However, in the longer-term after the correction, the price of gold may continue an upward trend.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
In percentage terms, the market may retreat by about 10 percent from the record high. The next potential support may be located at 1788 USD. However, in the longer-term after the correction, the price of gold may continue an upward trend.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.