Gold's bull run is taking another breather. Possible support exists close by at around $906 and $891. There is some risk of a deeper pull-back to $840-$790, to complete a larger fourth-wave correction.
IC TIP:
Hold
Momentum has turned negative and leaves scope for further downside from here. Once there is evidence of a bottom, we will seek to go long, targeting a return to the recent highs at $1,017.50 and beyond. In the longer-term, $1,496 is a key target.
IC Trades are written by Investors Chronicle writers. City Trades are written by selected external contributors. Both are based on the interpretation of patterns on a share price chart, rather than on fundamental analysis of the company's business or prospects.
