The Goldman Sachs analysts offer an Elliot wave analysis on gold prices, suggesting 1307 to emerge as the key level to beat for the bulls.
Key Quotes:
“1,307 “¦. This includes an ABC target off the April low. Everything up to this point could still qualify as corrective/counter-trend. Would have to see a clean break higher in order to justify that the rally is in fact impulsive/trending.
Getting through 1,307 would allow for a minimum next level target at 1,330. The broader implications of that break would, however, support the view that Gold might finally be continuing a trend that stalled in January.
“¦ 1,307. The market could well accelerate if/once broken.”
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