Forex Flash: Gold rally to 1785 in the cards? – RBS

There’s been much focus about the Gold price in recent weeks since its sell off and recent devaluation of circa 13.5% since the 2012 highs. “From a much longer-term perspective there is some evidence to support that the multi-year long term bull trend is coming to an end, but the short-term picture looks to represent a good buy opportunity; between $1,523 and $1,574 is the support level that’s caught the last 3 major dips and already this week has started on a positive note since we entered the zone. Each time that this zone was entered a return rally to $1,785 occurred.” notes William Moore, a Technical Strategist at RBS.