FXstreet.com (Córdoba) - The precious metal struck a fresh record high around $1575 on May 2 at the same time that the greenback was sinking against the Euro. However, according to the FXstreet.com analyst team, "concerns about slowing demand and higher margin requirements has kept any upside momentum contained and even pushed prices lower". Nevertheless, they consider that "this sell-off is not the end of the bull cycle but a short term adjustment". "Looking at the technical charts, we see gold trading inside a wide range between $1,480 and $1,520, forming an ascending triangle, so the upside is favored for the precious metal", said the FXstreet.com team. "Therefore any close above $1,520 will push prices higher, setting the market to test all time highs".

Source