News and Market Analysis

8 weeks and counting. Gold is on fire

Just when you though it couldn’t go any hire the bulls line the street and take charge picking up everything around the $2000 mark. Already on an 8 week rally, bullish traders take bids near $2020. Once again proving to be the safe haven for traders and investors alike, the yellow metal has risen more than 32% for the year thus far. Although it has broken through the psychological barrier of $2000 a correction is most likely to come. I would look at the a support level of $1875 to be hit first and a break beyond that see $1830 as the next target. But with this in mind, overall the metals long term outlook still remains bullish.