Gold Repeating A Bullish Pattern
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold has once again found the ability to churn into a consolidation range as it prepares to take off to the upside. The pattern itself is extremely bullish and is showing no signs of slowing down.
Gold is continuing to make higher highs and higher lows, which leads us to believe it will achieve our next target of $1,275 sooner rather than later. Due to the fact that support continues to rise, we would want to be buyers of dips. Right now, we would be buyers between $1,240-$1,245.
What many will find interesting is the dollar and gold are in similar patterns and to quote the Duke brothers from Trading Places -- that can’t be right! The one thing we know about all markets is they never announce themselves and they are always right.