In a previous article published on June 16th, named, “FxWirePro Short-term Outlook: Gold likely to decline towards $1225 per troy ounce”, available at http://www.econotimes.com/FxWirePro-Short-term-Outlook-Gold-likely-to-decline-towards-1225-per-troy-ounce-760121 we recommended selling gold at the then current price of $1256 per troy ounce with a target around $1225 per troy ounce. Here are some key points from that article, “as we can see from the chart that breakout attempt failed for the gold and the yellow metal is now heading for its second consecutive weekly decline. The yellow metal is currently trading at $1256 per troy ounce and we suspect that it would decline further before making any further attempt to break free of the range. We calculate that gold is likely to decline to $1225 per troy ounce. A further decline towards the lower trend line of the range can’t also be ruled out.”
Just as we suggested that while a further decline to the bottom trend line of the range can’t be ruled out, which could push gold price to as low as $1175, as of now, we can’t forecast such a move. Instead, we would like to recommend profit bookings as Gold is expected to find support around $1210-15 area.
