Goldman Sachs on Gold: Targets $ 1211-1200 on the downside

Analysts at Goldman Sachs published their latest report on gold, noting that the yellow metal is seen on a corrective mode since Dec 2015.

Key Quotes:

“The Gold market has been in a corrective process since the December '15 low.”

“It's since seen the A and B legs of an incomplete ABC. Again, it's common for B waves to be more contracted/complex. As such, the market needs to break meaningfully past 1,303 (early-September low) to suggest potential to have started its final C wave advance.”

“The next downside level to watch is 38.2% retrace at 1,250. A break lower will open up risks to 50% retrace at ~1,211-1,200. Need above 1,303 to consider the start of a recovery.”