A week ago I wrote about signs of a gold bottom. The gold bottom was being supported with both hands and it looked ready to rise. I hope you were watching and maybe picked up some nuggets yourself. Gold is now $60 higher and primed for more.
The chart below shows the quick move up off of support in only 1 week. It also shows that there is plenty of goodness in the chart to see a lot more upside. There is a 3 drives pattern that has a target 1450 on a third leg higher. There is strong momentum with the RSI in the bullish zone and rising. The MACD is also about to cross up, a buy signal.
The Bollinger Bands® are also opening to the upside. The SMAs are all rising too. Good news for Goldbugs wherever you look. The next resistance levels to the upside stand at 1400 and then 1425. There is potential support aright here at the 1370 level and then at 1340 and 1310 below.
An up day Wednesday would suggest a trip to 1400 is in the cards very soon. And just a $10 overshoot would make for a $100 move in less than 2 weeks. An explosion of gold to the upside.
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the blog, please see my Disclaimer page for my full disclaimer.