Slobodan Drvenica
Windsor Brokers
Spot gold jumped to new over eight-year high on Monday, following break of psychological $1700 level and former high at $1703 (posted on 9 March).
The yellow metal was up 1.36% for the day so far, extending Friday’s 2.37% advance.
Fresh risk aversion in the market on strong fall of US stock indexes boosted demand for safe-havens and lifted gold price.
Full retracement of deeper $1703/$1451 correction signals continuation of larger uptrend since end of 2015.
Break above $1700 zone pressures pivotal barrier at $1714 (Fibo 76.4% of $1920/$1046 fall, with stronger bullish acceleration to expose target at $1795 (Oct 2012 high).
Res: 1711; 1714; 1750; 1795
Sup: 1703; 1700; 1690; 1675
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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