Since my last major update in November, the gold futures price has increased by almost 12%. At that time, most readers had chosen the bullish target of $2,089, where the price would retest the all-time high.
The gold futures chart is due for an update as it has reached a significant point in the current retracement following its recent peak at $1,975.
The gold futures price had been steadily rising for three months from the start of November until the beginning of February, where it reached a top of $1,975.
The recent price action in gold futures has been notable, marked by a sudden drop of $100 at the beginning followed by a slower decline in pace as the price retraced almost 50% and hit $1,811 by the end of February.
The question is whether this loss of half of the preceding rally is enough to consider the current bounce as a reversal.
In the chart above, two scenarios have been outlined for gold futures. The first scenario is…
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