By Jeremy Boulton — Oct 23 - 05:10 AM
Gold has risen around $940 in the past year
It is on course to reach nearby targets above $3000/oz
Gold is significantly overbought add traders continue to buy high
The risks of a correction are rising alongside gold
There may be a swift reversal if bets ever become overcrowded
There is room for bets to grow before they may be deemed too large
An extension toward $3095 is possible before rise too extended
Next major target for gold nearby at $2782, next above that is $2920
Risk aversion could stoke demand in the short-term nL1N3LZ0B3
Source:
Refinitiv IFR Research/Market Commentary