Gold reached our next upside target range this morning, tagging 1280.70 a short while ago. Recall from our February update [Update on Gold: Feb 10] we were looking for GC to test a TL connecting several tops since May 2013.
If [the trend line] is broken, then the white .886 at 1277.90 comes into view. Note that it’s in close proximity to both the yellow .382 at 1286.30 and the purple channel midline currently around 1274.
The TL was broken later that day, and it was off to the races for GC, which tacked on 7.3% in the process.While I’m always happy when a forecast works out so well, I’m fascinated by why it worked out.
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