- December 15, 2009
- Posted by: Ramki Ramakrishnan
- Category: Gold
Here is my medium term outlook for Gold. After having overshot the minimum target of 1161 handsomely and reached a high of 1226, gold has experienced a bout of profit taking. In the medium term, the outlook for gold calls for a final push higher before a serious correction can set in. That upward drive can take gold to 1317. This upper target for gold holds good so long as the precious metal does not have a weekly close below 1100. Once we reach 1317 area, we will revisit the charts for Gold and confirm that the correction will take it to around 910 as a first step.