The yellow metal ended the week bearish but recovered some lost ground on Friday as investors fret about the debt situation of the Chinese Evergrande Group and its effect on the global economy. However, the gains were limited by the rising benchmark 10 year US treasury yield. I expect the situation in China to attract more investment to Gold as a safe haven and push the price of gold to the upside.
I expect the yellow metal to retrace to 61.8% of the last move on the hourly time frame (at price level 1747.44) with a target around the last high (1759.42) and stop-loss below the support at price level 1735.97.
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