Gold has been in the news quite a bit over the past days given its strong rally, though it is now facing resistance near 1170 USD. The daily chart below illustrates.
If we zoom out to the monthly chart, we see that price is still right in the middle of a downward channel that has been in place for the past two years. Until we break out of this channel, traders may have justification in looking to short rallies. $980 remains a reasonable next downside target, as there is strong support there as well as the 200 monthly EMA.
Personally, I'm still long gold in anticipation of one more significant rally that sends us well beyond the all-time highs reached in 2011, and thus am still accumulating.
If we zoom out to the monthly chart, we see that price is still right in the middle of a downward channel that has been in place for the past two years. Until we break out of this channel, traders may have justification in looking to short rallies. $980 remains a reasonable next downside target, as there is strong support there as well as the 200 monthly EMA.
Personally, I'm still long gold in anticipation of one more significant rally that sends us well beyond the all-time highs reached in 2011, and thus am still accumulating.
Gold Facing Support after Strong Rally, Still in Downtrend
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