Trader, analyst and instructor with a 6-year experience

Alex Weber: outlook for GOLD


Hi, everyone!

I've received a lot of questions on the issue of near- and medium term prospects of GOLD as of late. Let’s cast a glance at this dynamic market.

In late October XAU/USD pulled down from the major resistance at 1250 and plummeted towards 1150 as we speak. This is the lowest level since winter 2010. Bears are evidently leading the game: the Fed rate hike expectations are on highs these days.  

However, the short positions are now at their record highs, so I would recommend waiting for a bullish rally to reenter the market. In the coming days we could see a retest of the 1250 area. Bearish targets are seen at 1180 (June 2013 minimums) and at 1080. 

I'm open to further questions and discussion. 

Sincerely yours, 

Alex Weber.

Chart. Weekly XAU/USD


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