Analyst thoughts: Gold Medium-Term
VIEW RETAINED FOR A CONSOLIDATION PRICE ACTION TO $2 113/$2 150
The illustrated view remains valid and is retained.
Continuing R1/S1** consolidation, as illustrated by the W,X,Y interim phase should bottom out above S1** to complete phase Y.
The indicated bull trend to TA1 is likely to develop after the completion of the expected W,X,Y range trading.
Breaking below S1** will negate the general bullish outlook, while any break above R1* will activate the 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 towards S1**
Technical rating Medium to high