A clear break for Gold above $1920 would open the way towards $2000 and even $2400/2500, according to Tony Sycamore, Director of Australia-based TECHFX TRADERS.
Sycamore says the only significant resistance to reaching $2000 comes from the 2011 high at $1920. After this level there is ‘blue sky’ to $2000 and then $2400/2500. He says it will be interesting to see how much selling will be evident this week. In line with his long-term bullish expectations, Sycamore will be looking to buy corrective pullbacks and notes that uptrend support comes from the $1815/00 level.