A move higher for Gold has been on the cards for a while now. Just under a month ago the price broke through Resistance and it looked to be having a fresh Breakout. However, we've seen plenty of Smackdowns and False Breakouts in the Precious Metals markets before so it's good to get Confirmation and I believe that we are now seeing a solid confirmation of the recent Breakout. Technical Analysts all over the world will now be rightfully Bullish on the Gold price in the Medium Term.
Source
The next question is surely now - "How high will it go?" It's clear air from here and while I'm certainly tempted to make a new post every day the Gold price makes a new All-Time-High I think that it will be happening a lot over the coming months so I'd just be spamming if I did that.
For those who believe in Elliot Wave Theory you could argue that we are in the midst of a Wave 3 which suggests we might be less than half way through this current move higher. That might put a target of about $2500-$2600 in the next 3-4 months. Certainly that would be good news for stackers of the shiny stuff but markets (and especially this one) are not so predictable. Still, I've penciled in that price target for Gold and hopefully we will see Silver catching a decent bid too as it tries to catch up.
Now do one for silver lol
Maybe I will. Silver has been stuck in a trading band for over a year but its at the top of it and looks like it might be about to break out too.
I think that $2500-$2600 would be sooner.
My bets on the Bull.
There’s going to be a pullback in my opinion. It’s going to be a short one but it’s going to happen. My guess is the $2,200-$2,180 mark. But then it’s gonna bounce again.
$2275 at the moment, it really is pushing up nicely. I wouldn't be surprised to see $2500 in the very near future!
A breakout in silver must happen next, I can feel it!
I am not sure if it's going to be this run or the next but it's gonna be huge for PMs
Everything louder than everything else!
Damn where is Gold heading.
You can always make a weekly gold high post.
Stack on, @buggedout !
It's a great year for Gold!
!PGM
Only God knows where Gold is flying to
It’s going up
Massive profit!!!!