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GC #F Gold third target almost reached
Price came within 0.8-points of our third target of 1363.0 Yesterday, after our first target of 1324.7 set on April the 28th was reached on the 3rd of June, after 36 days (our proprietary projection tools suggested 33 days), and our second target of 1336.2 was reached on the 5th of June.
There are signs at the moment that the strong upward momentum is weakening, with possible Selling pressure developing and the Supply / Demand Balance, tilting to the Supply side at the moment. A pullback is possible or possible sideways price movement.
A pullback into the 1336.0 to 1325.0 levels is a possibility. The recent attacks on 2 oil tankers in the Gulf of Oman, can spark more fear in the markets, which could lead to more upside momentum in precious metals?
Recent article by The Technical Traders:
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