You are very able to read my previous analysis concerning gold. At 1240 I was saying that there was a little room for a upside move towards 1280 but that the general trend is still on the down side. I do maintain my view that on a long term basis, Gold may see clearly 1180 and even bellow before switching to a long term strategy. With the increase of inflation in the US and the UK, we may see again a certain appetite for XAUUSD. But we are not there yet.
Having said that, at this very moment we are rather in a situation where we are facing an overbought level for Gold on either 1H and 4H. Therefore a correction may be very much on the agenda.
Having said that, at this very moment we are rather in a situation where we are facing an overbought level for Gold on either 1H and 4H. Therefore a correction may be very much on the agenda.
