Gold has passed a strong resistance line at 1400 which gold has been sinking farther below since after the great recession, but as you can see the upward curving lower support line is soon to intersect that strong resistance which has already been surpassed. After a strong, well defined cup and handle formation resulting in a huge bullish run up to 1550 recently, there is no doubt gold is in a new bull market. After a steep correction for a few months back to 1400 support I predict gold will find very strong support which may propel it to new highs but it will at least get close to the current highs, after all these years of consolidation. After a correction to the 1400 or 1450 range and a run back up to and above 1550, you can be sure that gold will soon afterwards go on a bull run similar to the one after 2008.
This is not trading advice
This is not trading advice
Kommentera:
Price action proceeding as predicted