Gold price has recently slipped to about a 9 month low, although today there is some sign of a recovery.
The decline in Gold is caused partially by the rise in the US Dollar and the prospect of rising interest rates in the next month or so.
There may be a further decline in months to come, however, currently it appears to be oversold and will probably rise.
Three charts below this paragraph indicate Fibonacci Patterns that are bullish. (Fibonacci Patterns do not have 100 percent reliability)
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Despite the good news about a rise in the price of Gold, there is reason for caution, as follows:
By Jordan Roy-Byrne, CMT, MFTA from Gold Seek http://news.goldseek.com/GoldSeek/1480266000.php
Last week we wrote that the 2016 bull market in Gold and gold stocks had gone off course. It had moved too far out of the historical boundaries to remain a bull market. There was also other evidence of such including but not limited to rising real yields. Gold’s last hope was to hold $1200-$1210 and rebound back to the highs. It has broken bull market support ($1200-$1210 and $1230) and could be on its way to $1050 in the next few months.
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