Gold Getting Very Close to Large Break-Out
Gold is currently undergoing a 44-45 total day fractal period of somewhat consolidation within a channel similar to what we saw this past summer. What we have our eyes on now is likely a very strong pre-breakout technical pattern that will ultimately break to the upside as early as next week.
Based on many key indicators and technicals it appears that broader equity market actually 'wants' to correct and looking for a reason to do so. As such, it will likely be on the platform of Gold and Silver running away to the next leg higher. Gold will march to at-least 1700, while Silver will march to at-least 21.50-22.00.
The Gold miners (JNUG, NUGT) have lagged tremendously and they will likely explode to the upside in a massive way at some point in February and/or March.
There will likely be a few smaller bumps along the way when Gold gets to the mid to upper 1590s before finally breaking 1600. A break above 1600 unlocks the inevitability of 1700 and depending on momentum, 1800 cannot be ruled out.
From there, a correction sometime in late April into May and June will likely be in-front of us before Gold makes another run near the election into the 1900-2000 range later in 2020.
Note: As Gold gets into the 1589-1595 range there could be some fierce volatility. Hold your ground and remain patient as this represents the near-end of the length of the channel.
- zSplit
Based on many key indicators and technicals it appears that broader equity market actually 'wants' to correct and looking for a reason to do so. As such, it will likely be on the platform of Gold and Silver running away to the next leg higher. Gold will march to at-least 1700, while Silver will march to at-least 21.50-22.00.
The Gold miners (JNUG, NUGT) have lagged tremendously and they will likely explode to the upside in a massive way at some point in February and/or March.
There will likely be a few smaller bumps along the way when Gold gets to the mid to upper 1590s before finally breaking 1600. A break above 1600 unlocks the inevitability of 1700 and depending on momentum, 1800 cannot be ruled out.
From there, a correction sometime in late April into May and June will likely be in-front of us before Gold makes another run near the election into the 1900-2000 range later in 2020.
Note: As Gold gets into the 1589-1595 range there could be some fierce volatility. Hold your ground and remain patient as this represents the near-end of the length of the channel.
- zSplit
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