Gold Market Update
Failure of support in the $600 area has led to gold dropping back into the target zone for this move - the $560 - $580 area. It is regarded as a trading buy here for a probable trading bounce back towards the underside of the earlier support, which is now resistance, i.e. back to the $595 area, which is likely to occur within the next 2 to 3 weeks. Longer-term it is expected to back off again and dig deeper into the support zone over the next month or two, a good point for it to bottom being in the $540 - $560 zone, which should mark the completion of the corrective phase in force from May.