Analyst Thoughts - Gold Medium-Term
PRESERVING THE OUTLOOK FOR A BULLISH TREND TO EVENTUALLY REACH 2 150.
The general bullish outlook of PQ downside, followed by a bull trend to TA1, remains valid. The A, B, C downside was less complex than previously anticipated and the illustrated view has been adjusted accordingly.
The breach of P/S0* has further validated the 1, 2, 3, 4, 5 bull trend to TA1.
The recent downside to S0* was potentially phase 2 with renewed upside to R2 being phase 3.
A break below S0* will neutralise the illustrated view and return the market to further base building and correcting price action.
TARGET AND RE-ASSESSMENT LEVELS:
Pivotal levels: S0*
Primary trend: Gains to TA1
Prevailing trend: Gains to TA1*
Technical rating: Medium