Analysts are now estimating the appearance of the ‘bears’ in the gold run. After falling for the past 2 days, the yellow metal is struggling for clear direction. It was seen hovering around the $2,027/28 range today.
However, analysts also opine that corrections are a good sign for the yellow metals – as it presents opportunities for consolidation and new buying opportunities. Closing back below $2,000 would complete a spike high and support a multi week correction.
Quote from SIA Wealth Management chief market strategist for your consumption: “Gold may be due for some short-term backing and filling that could potentially include a retest of the $2,000 round number or the $1,925 breakout point.” Would be a good thing to hold your horses at this point, folks.
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