Is a gold rebound on the horizon?
Gold has shown the first serious rebound in a couple of weeks, jumping again above $1,200. This signals increased investors’ interest in the precious metals, which would be confirmed if bullion breaks the first resistance which is now paced at $1,210. If it does so, there could be space for further recoveries, at least up to $1,230/1,235$. From a technical point of view, we are now in a lateral phase, which would find an end only with a breakup of the resistance placed at $1,210 (or alternatively with a fall below $1,180).
By Carlo Alberto De Casa, Chief Analyst, ActivTrades
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