Gold Prices: Longer-Term Chart Objectives at $1,400-$1,500
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(Kitco News) - The gold market's push to new five-year highs on Thursday gives the bulls additional near-term and longer-term technical power to suggest more sideways-to-higher trading action in the coming days, weeks and even months. See on the weekly continuation chart for nearby COMEX gold futures that prices this week have pushed above strong longer-term technical resistance at the 2016, 2017 and 2018 highs. This projects prices in the coming weeks hitting at least $1,400.00.
An examination of the monthly continuation chart for nearby COMEX gold futures shows this longer-term chart has also turned more technically bullish just this week. An uptrend line is now in place on the monthly chart, with the next upside price objective being major psychological resistance at $1,500.00 an ounce.