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Gold – End of Correction? – columns

Past performance, forecasts and simulations are not an indicator of future performance.

The gold price hit a low of USD 1,046 at the end of 2015 after several years of bear market. With the breakout of the massive resistance zone at USD 1,350-1,375 in June last year, the listing completed a long-term bottoming out. In July of this year, the company finally managed to break the record high from 2011 at USD 1,921. The precious metal rallied to a new high of USD 2,075 before a correction phase started in August, which continues. The previous low was marked at the end of November at USD 1,765. As part of the recovery movement that started from this, a second impulse wave is currently running upwards, which carried the price to a critical resistance zone until today’s Asian trade. It extends to USD 1,930 and results from the 100-day line, the corrective downtrend line and the return line of the recovery trend channel, among other things. A sustained rise above this hurdle is required in order to receive an initial procyclical signal for a possible end to the several-month downward correction. This would be confirmed above the next resistance at USD 1,966. Potential medium-term goals are USD 2,075 and USD 2,160 / 2,194 if successful. Looking at the short-term picture, the bulls will remain in a strong position as long as the next support zone is not undercut at currently USD 1,871-1,878. The seasonality has a supportive effect and continues to be positive until February. However, the picture would be more clouded below USD 1,849 and above all USD 1,820. In this case, an extension of the higher-level correction phase towards at least USD 1,754-1,772 would be preferable.

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WKN Type Underlying features
CL7HQM Call gold Leverage: 9.0
CL0SXS Put gold Leverage: 8.2

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