Goldman Sachs techs see more upside in gold

Technical Analysis

Author: Adam Button | gold

Gold "has room for at least one more rally"

Goldman Sachs technical analysts suggest adding topside exposure to gold if prices fall into the $1402-$1407 range (spot $1412) for a minimum target of $1465 with the scope for a rise to $1513 and risking no lower than $1386.

"It's now evident that the market is forming something of a triangle consolidation which is typical in 4th waves. Triangles tend to have five swings in either direction before eventually breaking out in continuation of the previous trend," analysts write.

Gold "has room for at least one more rally"

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