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Chart Posture Quickly Brightens For Gold

Jim Wyckoff

Kitco News

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(Kitco News) - June Comex gold futures prices today are posting solid gains that have quickly and markedly improved the technical posture in gold, to also now suggest a near-term market bottom is in place and that prices can now trend at least sideways, of not sideways to higher, in the near term. A nearly three-month-old downtrend line on the daily bar chart was negated today as gold prices pushed to a four-week high, including poking above the psychologically important $1,300.00 level. The next upside technical target for June gold bulls is pushing prices above chart resistance at the April high of $1,314.70. 

By Jim Wyckoff

For Kitco News

Contact jwyckoff@kitco.com
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