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GOLD FEVER SHOWS NO SIGN OF SLOWIN

20/02/2019

Gold (XAUUSD) has managed to build quite nicely on its pre-weekend gains and is now at its highest point for 9 months. Realistically, the next test for the rally is only $20/oz higher than the current level of $1365, and we would not expect this to prove much of an obstacle. This formed a Key Day Reversal in mid-March (16th) of 2014 so this is quite an achievement. The key question is what its future direction will be. There seems to be little reason to sell the precious metal , and clearly the appetite for Gold has not disappeared. We’d advocate buying any dips rather than selling rallies, as this is still a finite resource, and its technological applications are only going to increase. Once we clear the $1450 resistance there is really nothing that is on the horizon that looks like an obvious impediment to a re-test of the $1800 level.

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