Gold Shimmers As Investors Flock To Safety! (GC)

COMEX:GC1!   Gold Futures
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 on gold , 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 revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

Awfully quiet in the old gold mine, lol.
Next stop (.618) $1227, then (.5) $1040 !!!
So far, so good, for me of course!...

You were warned.
If you needed a signal to go short on GLD, here it is!
+1 Reply
I don't think gold can go above 1400$ big correction coming then we will see year end or next year 1500$ side before US ELECTION.
by the way, what about Silver, how do you see that one doing
@NQ95, Silver is gold on steroids so where gold goes silver gets a move on as well, enjoy
+1 Reply
This you?.....
MagicPoopCannon streetgainer
@streetgainer, indeed, it is. And so is the beautiful December analysis that I've added below. If my memory serves me well, I believe it was you who so rudely scoffed at my former bull calls on gold. Yes, I remember you saying that you believed it to be in an enormous head and shoulders pattern, and that it was going to break to the downside. We shall see.

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