Gold Getting Very Close to Large Break-Out
Gold is currently undergoing a 44-45 total day fractal period of somewhat consolidation within a channel similar to what we saw this past summer. What we have our eyes on now is likely a very strong pre-breakout technical pattern that will ultimately break to the upside as early as next week.
Based on many key indicators and technicals it appears that broader equity market actually [finally] 'wants' to correct and looking for a reason to do so. As such, it will likely be on the platform of Gold and Silver running away to the next leg higher. Gold will march to at-least 1700, while Silver will march to at-least 21.50-22.00.
The Gold miners (JNUG, NUGT) have lagged tremendously and they will likely explode to the upside in a massive way at some point in February and/or March.
There will likely be a few smaller bumps along the way when Gold gets to the mid to upper 1590s before finally breaking 1600. A break above 1600 unlocks the inevitability of 1700 and depending on momentum, 1800 cannot be ruled out.
From there, a correction sometime in late April into May and June will likely be in-front of us before Gold makes another run near the election into the 1900-2000 range later in 2020.
Note: As Gold gets into the 1589-1595 range there could be some fierce volatility. Hold your ground and remain patient as this represents the near-end of the length of the channel.
- zSplit
Based on many key indicators and technicals it appears that broader equity market actually [finally] 'wants' to correct and looking for a reason to do so. As such, it will likely be on the platform of Gold and Silver running away to the next leg higher. Gold will march to at-least 1700, while Silver will march to at-least 21.50-22.00.
The Gold miners (JNUG, NUGT) have lagged tremendously and they will likely explode to the upside in a massive way at some point in February and/or March.
There will likely be a few smaller bumps along the way when Gold gets to the mid to upper 1590s before finally breaking 1600. A break above 1600 unlocks the inevitability of 1700 and depending on momentum, 1800 cannot be ruled out.
From there, a correction sometime in late April into May and June will likely be in-front of us before Gold makes another run near the election into the 1900-2000 range later in 2020.
Note: As Gold gets into the 1589-1595 range there could be some fierce volatility. Hold your ground and remain patient as this represents the near-end of the length of the channel.
- zSplit
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