Shall we see how gold
is doing since my last update? If you recall, on December 24th, I posted a gold
analysis showing that the yellow metal should rally toward the 1356 area, to attempt a breakout above the highs. At the time of that analysis, we were sitting at 1268. Today, the market hit 1326! So, we're getting very close to testing the highs around the 1360-1395 area. It will be interesting to see how gold
responds there. If we can break out, price should be able to skyrocket toward 1523.90. From there, I think a test of the all time high would follow in the ensuing months. Such a move would most likely be coupled with a breakout into uncharted territory. Personally, I am extremely bullish
, both technically and fundamentally. So far, things are looking very good. Whether we can break out above 1400 or not is yet to be seen, but even if we are initially rejected, the bottoming pattern that has formed (in blue) suggests that we will eventually be vacating this six year consolidation period, most likely to the upside.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***