Considering the technicals for golds immediate future, even though I agree with the sentiments, we would do better to look at the charts rather than one outspoken political voice against gold. In that respect Citi FX Technical Group's take on golds price action suggests now a test of $1,434 is imminent:
Gold has traded above very good resistance in the $1,350 to $1,362 range
– $1,350: 55 week moving average
– $1,353: Top of channel from the 2012 peak
– $1,362: Peak of bounce seen in October 2013.
A weekly close above this range would open up the way for a test of the pivotal double bottom neckline at $1,434. A weekly close above this latter level would complete the double bottom and suggest extended gains towards $1,680-1,685. Such a move would take us back above both the 200 week moving average at $1,493 and the horizontal resistance (previously support) from 2011-2012 at $1,523-1,527.
Such a move, if seen, would strongly suggest that the corrective low is in (At $1,182) and that a re-test of the all-time highs at $1,921 and beyond is highly likely.
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