GS highlight the move through 1307 as being important
The chart is from before the price pierced there, comments below (bolding mine),:
- 1,307 …. This includes an ABC target off the April low. Everything up to this point could still qualify as corrective/counter-trend. Would have to see a clean break higher in order to justify that the rally is in fact impulsive/trending.
- Getting through 1,307 would allow for a minimum next level target at 1,330. The broader implications of that break would however support the view that Gold might finally be continuing a trend that stalled in January.
Bottom line
- … 1,307. The market could well accelerate if/once broken.
