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Gold could reverse to the upside

Gold is trading in close proximity to $1,900/oz on Monday morning, although there is no lack of risks facing global capital markets. Investors may have opted for profit-taking earlier amid a rise in the value of the precious metal. In addition, a new wave of USD strength is currently putting pressure on gold prices.

Meanwhile, the technical picture shows that gold has completed a corrective wave down to $1,877 and overall the market is ready to retrace to $1,937. If the price moves in this direction and breaks out of that that level upwards, the neXT upside target will be $1,995/oz.

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