Given the crisis in US equities so far in 2016 and the Deutsche bank news of a 10% increase on CDS prices hitting European equities, everyone seems to be flocking to buy gold ! Understandably with all the risk seeming to be placed in the equity markets, investors appear to be flooding to the comparative safe haven of (relatively) low priced goals.
Recently gold has broken a number of resistance levels, as it continues to break new highs.
But where to take a profit ?
Well I would suggest the first fib retracement level (0,235) from the 2011 highs, to the recent lows. Which currently stands at a price of around 1248. If you are a long (which I currently am), I'd consider taking some profit here
Trade closed: target reached
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Having reached the target, and given the changing situation in the markets (less concerns over China, and rising oil prices), it seems like a good time to take profits.