Gold - Cautiously Bullish

2020年7月6日

A rising trend of higher quarterly lows have kept longer-term signals bullish for some time and despite sentiment which is much overstretched near an 8 year top signals in each of the last 3 weeks have continued to point higher. These have been confirmed with last week posting a 4th higher weekly low in a row though for only modest gains. The potential for profit taking pullbacks is high, but these should remain temporary and the outlook for this week stays bullish and the call is to buy just modestly on the open and then at 1761.0, the 13 day average rate with a stop loss at 1743.4, the 2 week base. Targets are to 1788.6, last week’s peak. 1796.3, the 2012 top and then towards 1820.0, the projection from a Head & Shoulders bottoming pattern.