Gold: How far the gold rally can go? [Video]

Richard Perry Independent Analyst

Gold

With such an impressive run higher and momentum indicators still stretched to extreme levels, there are growing questions over just how far the gold rally can go. For now though, the bulls are resisting the temptation to take profits. Throughout last week, there was resistance hit at $1980, however, the all-time high has once more been extended this morning, hitting $1984 early today. This is a difficult moment for the bulls, as there are hints of slowing momentum still on the hourly chart, but without any outright sell signals. Hourly MACD lines and Stochastics are less positively configured, but do not exhibit anything overtly corrective. There are support levels that are being left to take note of. Friday’s initial low at $1960, whilst Thursday’s reaction low at $1940 is a more considerable higher low. If they begin to be broken then there is more reason for the bulls to be worried. For now though the bulls continue to defend well against potential profit taking and $2000 is still a realistic target.

Author

Richard Perry

Independent Analyst

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