| Gold’s rally so far this year has the potential to move to the metal back up to $1,200, but it remains in an overall downtrend, notes one analyst. “The trend on gold tends to trade in trends that can last years, and is currently in a bearish trend that started four years ago, and is now approaching some long-term support around $1000 where it may level off for a few years in a bottoming range,” said Bob Dickey, technical analyst for RBC Capital Markets.
“The current bounce has the potential to reach the $1150 to $1200 area, but that would likely be another short-term peak within the overall downtrend. A true long-term buy point for gold could still be years away.”..............................................Full Article: Source
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