MidasTouchConsulting
Long

Gold - Bounce towards $1,275 is next

FX:XAUUSD   Gold/U.S. Dollar
Once again I am looking at the weekly chart for gold             which is oversold and close to very strong support around $1,190 - $1,210.
Of course the price action during the last 18 weeks has been disappointing but there is still a good chance that this is the typical deep retracement after the first up-leg in this new bull-market. In the next step gold             needs to break the five year downtrend-line currently sitting around $1,325.
But below $1,170 - $1,180 the "just another bear-market rally" thesis is confirmed.. Remember my head&shoulder backup plan from a months ago...
In any case I expect a bounce to start from $1,210 next week targeting at least $1,275! Buy gold!
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