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Gold continues to grind higher
Gold continues to consolidate, with the price seemingly forming a base from which we could see a projection higher in the near future. The decline of last week has provided us with a fall into both trendline support and the 61.8% retracement.
With trade issues rearing their head over in the US, we are seeing a shift into havens. While this hasn’t impacted gold much, there is a good chance we could build from this base and push higher. This could simply be a retracement, and as such, any sharp move higher would have the Fibonacci retracements to contend with. However, with the wider trend providing higher lows, there is also a good chance we could see a substantial rally very soon. A break below the $1288 mark would negate this bullish short-term view.
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