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Gold Set To Launch To $1500+

ByTommy Humphreys
Published 09/04/2013, 12:19 AM
Updated 07/09/2023, 06:31 AM

Last week I posted a $1500 target for gold in September and a much larger target at a later date – here is the chart from August 29th:
Gold 1
Sunday’s stop tripping plunge down to $1373.20 fulfilled the $1375 short-term pullback target, which in combination with yesterday’s bullish action sets us up for a potentially very sharp 2-3 week rally to $1500+:
Gold 2
If gold breaks above the May high of $1487.20 there is a large volume air pocket all the way up to $1530.

If we think back to the April plunge there was virtually no trading once the sell-stops below $1530 were triggered. Gold took the proverbial “elevator down” all the way to the $1300s.

Markets are almost always slower on the way up, however. Price has an amazing way of gravitating to these volume “air pockets” where stop loss orders were previously triggered (market profile guys often call these volume pockets “single ticks”).

Latest comments

I hope you buy with both hands and your friends too because I will be shorting it on every rise in this long term bear market. What has the price of gold done since the beginning of QE? I hope i don't need to tell you.
If they taper, i would advise for you to wait for the drop then buy with both hands
What about TAPERING ??
You have it all wrong. Gold is in a bear market and this rise is just a pullback from a further drop under $1000.
Gold still in bear market. Longs will be disappointed.
its almost reached bottom now the time for buy.
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