Spot Gold : No signs of a reversal just yet
Thanks to Bernanke’s market soothing words, Gold moved in to top gear, and now has 1590-1600 firmly in its sights.
• Obviously some people are worried about inflation even if the Fed chief Bernanke tires to tell us the current spike in commodity prices “are just transitory”.
• Gold can of course keep on going, and with no actual signs of a reversal pattern forming on any time period of chart, a move to 1580…or higher still, 1590 – to 1600 can not be ruled out.
• First support 1537-1538 then 1520-1523 and at this stage momentum is so strong as to make it extremely difficult to even consider a short, because the end result of doing so over recent weeks has been a hammering for all those brave enough to try.