Gold prices smashed estimated target at 1592.00 against the U.S. dollar after a breakthrough at 1575.90 price barrier. Gold prices have taken out three resistance level at 1582.00, 1586.60, and the target price at 1592.00 and now testing 1600.00 support as I compile this post.
Gold prices broke through 1600.00 in this morning's trades and tested 1605.00 before retreating to 1600.00 price level. Gold prices have reached the top of the 60 minutes price channel highlighted in my previous post and need to hold above 1600.00 to continue to the upside.
The next target to the upside is estimated at around 1615.00; however, it will need to stay above 1605.00 to achieve that target. The long term uptrend is very much intact, and this could be the beginning of a gold rally. Gold prices could retreat to around 1592.00 if it fails to hold above 1600.00.
Gold prices broke through 1600.00 in this morning's trades and tested 1605.00 before retreating to 1600.00 price level. Gold prices have reached the top of the 60 minutes price channel highlighted in my previous post and need to hold above 1600.00 to continue to the upside.
The next target to the upside is estimated at around 1615.00; however, it will need to stay above 1605.00 to achieve that target. The long term uptrend is very much intact, and this could be the beginning of a gold rally. Gold prices could retreat to around 1592.00 if it fails to hold above 1600.00.
