Gold’s technical rebound from its long-term support @ $1.183 has quite rapidly led price above $1.220. Although most market participants are currently sceptical about gold’s outlook, in my opinion the precious metal will move significantly higher in the next weeks. This is because it is a “safe-haven” in a disinflationary QE environment. Only a daily close below $1.200 will deteriorate the technical picture again.
Gold, daily chart:
Chart courtesy of Investing.com (www.investing.com)
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