Gold: $ 1307 is the key support – Goldman Sachs

The Goldman Sachs analysts offer an Elliot wave analysis on gold prices, suggesting 1307 to emerge as the key level to beat for the bulls.   

Key Quotes:

“1,307 ….  This includes an ABC target off the April low. Everything up to this point could still qualify as corrective/counter-trend. Would have to see a clean break higher in order to justify that the rally is in fact impulsive/trending. 

Getting through 1,307 would allow for a minimum next level target at 1,330. The broader implications of that break would, however, support the view that Gold might finally be continuing a trend that stalled in January.

… 1,307. The market could well accelerate if/once broken.”