Gold Is Aiming For $1,200
Admirals | Nov 25, 2013 05:36AM ET
The daily chart leaves no doubts about the current sentiment on Gold. In the last week, the most important day was Wednesday when Gold broke the most important mid-term support on the 1,263 USD/oz. (green area). This was another proof for the traders that a bearish breakout from the big triangle is valid, and should be respected in the further months. Currently, the price is aiming for the long-term lows below the 1,200 USD/oz. level from the end of June. With the current sentiment, it seems that it is just a matter of time before bears are able to set their camp on this support.
The hope of solving the Iranian problem does not help buyers of Gold. It is quite the opposite. Traders are optimistic, so they will rather buy more risky assets than the ‘forgotten’ safe haven.
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