FxWirePro Call Review: Gold likely to decline towards $1290 in short term

After a brief respite over risk aversion, the yellow metal is once again under pressure as the slide in equities halted after a sharp selloff since last Friday. The yellow metal is currently trading at $1328 per troy ounce.

In late January this year, in an article named, “FxWirePro: Prepare to buy gold targeting $1520 per troy ounce”, available at https://www.econotimes.com/FxWirePro-Prepare-to-buy-gold-targeting-1520-per-troy-ounce-1122155 we urged our readers to prepare to buy gold with a long-term buy outlook targeting $1520 per troy ounce.

However, even as we are bullish over the longer horizon, calculations suggest that the price of gold is likely to plunge in the near term and reach $1290 per troy ounce area. The slide could push gold to as low as $1270 per troy ounce.

We urge short-term traders to take up the opportunity to short gold with a stop loss around $1366 per troy ounce. The selloff should present an excellent opportunity for long-term buyers as suggested above.