Tuesday, 18 September 2012

GOLD longer term bullish trend unchanged

GOLD is pulling back after reaching 1785$ last week. Our view has been bullish for quite some time, but as mentioned many times the last couple of days, it is time for bulls to be more cautious than ever. Our longer term view has not changed, but it seems like a bigger correction could be imminent. The upward trending channel from 1640$ is still intact until 1750$ is broken. The market however could decline in a corrective pattern even towards 1740-20$, but it is expected that it will resume upwards to test 1900$.

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