Gold Price Analysis: USD 1600 is the major pivot level but is the retracement over?
Gold has been pulling back up since the recent low on March 16th. It's amazing to think that in these uncertain times the price fell to hit a low to USD 1451.32. It was said a rush for cash was the reason for the drop to meet margin calls and redemptions. Regardless of the reason, it provided a great opportunity to get long of the safe-haven asset. Now many gold bugs are projecting the price of gold to hit the 2000 mark as the uncertainty continues.
Gold: The yellow metal reacts to news about Russia's plan to stop gold purchases
The gold futures lost 2.84% on Tuesday, as it broke below its short-term consolidation. The market has retraced more of last week's Monday's – Tuesday's rally and it got slightly below $1,600 mark again. Yellow metal has reacted to news about Russia's plan to stop gold purchases, among other factors. For now, it looks like a downward correction within an uptrend.
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