When we looked at gold last April, we saw upside potential to 1380 [see: Update on GC: Apr 8, 2016.]
If it breaks above 1246, then the purple .618 at 1257 is a gimme. From there, we have potential resistance at 1270, which is also about where the purple midline currently resides.If it breaks above the purple midline, then 1379-1380 is the next logical target, perhaps in Sep/Oct.
Gold got to 1377.50 last month, and hasn’t been able to push higher since. Here’s the same chart as last April, with the chart patterns and price action extended to today.
It’s trading right now at 1325, about 4% shy of our target. Does it still have the potential to move higher, or were July’s highs it? And, the Federales‘ comments from Jackson Hole — do they give us any clues as to what to expect?
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