Gold bull run

Mthokozisi Mpofu Knars Capital

The chart below shows gold. My last article had us pushing lower targeting, a minimum 1800 and final target of 1700. We have reached these levels just shy of my final updated count. We missed my target by 5, pips clearly showing how much the buyers are now in control.

We believe the move lower in gold is over and are now looking at new opportunities to the upside. The impulsive move higher has broken our channel looking for a correction lower.

The correction should retest the channel to give us an entry point. A break to new lows will mean will the stop lose for a long side position taken during the corrective move lower. Our minimum target would be 2070.00 once we get a long side entry.

No key new events to look out for this week.

Res: 1800; 1810; 1820

Sup: 1770; 1760; 1740

Author

Mthokozisi Mpofu

Knars Capital

Mthokozisi Mpofu is the Managing Director of Knars Capital Pvt Ltd, an investment advisory firm helping African SMEs secure growth capital and become investor-ready.

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