Goldman Sachs technical analysis sets (a minimum) target for gold at 1330
GS highlight the move through 1307 as being important
The chart is from before the price pierced there, comments below (bolding mine),:
- 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.