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Gold: We could see a rally back towards $1670 - GlobalFX

By FXstreet.com,  January 07, 2013, 08:45:00 PM EDT

FXstreet.com (San Francisco) - Last week, XAU/USD touched a 5-month low as it carved out a wide range between 1625.60 and 1694.75, finishing practically unchanged at around 1656.50. Gold has since traded with a negative bias versus the dollar, having touched a session low of 1642.72 this Tuesday.

Greg McKenna, Chief Investment and Market Strategist at GlobalFX, offers his perspective on gold: "On the dailies I am going to respect the levels around this down trend channel and as such we could see a small rally back towards the $1670′s possibly higher.

He continues: "On the monthly charts I am a Gold bear and I strongly believe that even if it is not this month Gold is going to head lower in the months ahead. Its a slow melt rather than a meltdown but a melt nonetheless.

Mr. McKenna adds: "My targets are $1521 and oz and then $1394 as a simple long term retracement to the 38.2% fibonacci support - then we will see what happens."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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