Analyst thoughts: Gold Medium-Term
VIEW ADJUSTED: SEEMS A DEEPER CORRECTION TO 1890 UNFOLDING.
The recent break below R0 has neutralised the immediate bull trend potential with further interim downside to the S1** pivotal level.
The PQ-defined downside seems corrective, confirming the preferred scenario of continuing R1/S1** consolidation, as illustrated by the A,B,C pattern.
The indicated bull trend to TA1 remains valid, but is postponed and could eventually develop on completion of the expected range trading.
Breaking below S1** will negate the generally bullish outlook, while a break above R1* will result in a more bullish bias again
TARGET AND RE-ASSESSMENT LEVELS:
Pivotal Levels: S1**
Primary Trend: R1/S1** ranging, followed by eventual gains to TA1
Prevailing Trend: Downside to S1**
Technical Rating: Medium