GOLD: What's next after it reached 2670? GOLD: What's next after it reached 2670?
From our yesterday's analysis GOLD reached two of our tragets by creating a new all time high near 2670. The war bettween Israel and Lebanon just began and it will not make the things better. Despite the fact that gold is taking a pause is because of the fear from the unknown becaus all this situation is getting rediculous. Not we are watching only which will be the next country in the list for Israel to atttack for the gold price to rise further.
Given that the current situation is not good at all and the situation from the media sources is expected to escalate further we should not expect any deep pullback from Gold.
Every price decline now will be a buy opporutnity on deep or small pullbacks.
On the other hand the market is still speculating about FOMC and interest rates and the effect it has on gold but if we take the past in consideration it doesn't make sense at all to be involved in gold price. In my opinoin gold price is more manipulated rather than it is growing from normal market participatns but this is another topic.
Technical Analysis:
A normal correction before gold moves up to 2700 could be near 2637.50
A deep correction before gold moves up to 2700 could be near 2617.14
It's a big reversal zone overall but it can be tested because the market can also take profits.
You may find more details in the chart!
Thank you and Good Luck!
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