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Oct 23 - 06:55 AM

Gold's Brilliance May Blind Traders To Increasingly Risky Situation

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

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