Contributed Commentaries
$1,500 Gold, Here We Come
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
As we look back at the action in gold last week, we saw a market that was consolidating. There was the shakeout of the weak hands who trade on their opinions instead of what we preach every day: the market footprint. In other words, we saw many dump their gold positions when they should have been holding and buying the dips.
After opening lower in the overnight session, gold has had another dramatic turnaround and is making new 6-year highs on its way to $1,500. There will be sell-offs before we get there, but the pattern and footprints suggest that there is room to go higher and test our next target of $1,500.
Remember, trading anything isn’t easy, but if you follow the charts and stay away from the news and opinions, you are putting the probabilities in your favor. You won’t always be right and it is certainly not easy, but one thing we know for sure is the patterns don’t lie, and all markets are determined by price and nothing else. $1,500, here we come.
