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Due to market conditions, the views and positions of trade recommendations can quickly change. We strongly advise you to monitor our published trade recommendations on an ongoing basis.
Gold prices have been in an uptrend in recent days, testing $1,800/ £46.23 now. Prices seem likely to continue to test $1,800/ £46.23, but also easily can retreat back to $1,780/ £45.71 over the next several days. Profit-taking will likely set in if prices cannot forcefully top $1,800/ £46.23. Beyond the next few days, gold and silver fundamentals, market conditions, economic and political factors, and upward technical price chart patterns remain supportive for gold. Prices are expected to head higher overall, starting in July and continuing over the next four months as the U.S. election nears. As prices head higher there are fewer gold chart indicators to take cues from since gold has not traded at these levels for a sustained time in the past. This could make for a volatile next several months. Many market participants are rolling their August futures positions into December, waiting to see what the next several months will hold for markets.
Note: Discretion should be allowed at +/- $0.50 from the target.
USD/GBP exchange rate used: 0.80