Gold/U.S. Dollar pulls back as predicted
|Gold prices had an incredible run within a short period from 1550.00 to 1690.00 in a Month an increase of 9% took its final three targets as highlighted in my previous update and fell to 1633.00. Gold prices bounced back, but upside moves were challenged at 1655.00 which saw prices pushed down between 1655.00 and 1640.00 range.
The precious metal is trading in a correction zone currently consolidating and needs to hold above 1655.00 to head back up. Gold prices could head down to 1630.00 and 1615.00 if it fails at 1640.00 support.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.