Potential buying opportunity for gold

A potential buying opportunity may soon arise for gold, according to Ron William of RW Advisory.

In an interview with IG Index TV, William discusses the technical background for the precious metal. He says the zone to watch is between $1275 to $1310. A close above $1310 may trigger a move to $1530 and then $1660 over the course of 2015.

William notes:

– The $80 one-day reversal following the Swiss referendum is bullish in the short-term. William says this bullish reversal is part of a much larger 5 wave reversal pattern. Key upside trigger zones are between $1275-1310, with potential to extend into $1560-1660.

– Longer-term, and in the context of the 15-year bull run, the recent fall in gold is well within the normal range for a correction.

– In terms of key FX rates, Gold-RUB and Gold-JPY remain the leading performers, boosted by massive gains in USD/RUB and USD/JPY.

Link to interview.