Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Gold: Still Room To Run; Test Of $1400 Eyed

Published 06/05/2016, 01:07 AM
Updated 07/09/2023, 06:31 AM

I see traders everywhere panicking. People are acting like they’ve gotten left behind. Nothing could be further from the truth.

While I’m skeptical that gold has made a final intermediate cycle low because it hasn’t dropped far enough to break the intermediate trend line yet—and the dollar should still have another leg up this month—the reality is that gold is only on day 3 of this daily cycle.

If this is a new intermediate cycle it has at least 13-16 weeks left to rally and will easily test $1400. No one has missed anything yet.

In this weekend’s report I will go over what I’m going to look for early next week to tell me if this is a new intermediate cycle, or just a very convincing fake out.


Gold Daily Chart

Latest comments

Gary, I would totally agree with you in one case under any circumstances just to hold 1200$, and if penetrating 1305 $ then, the target it might hit 1466 $. It seems the precious metal will glow in the dark. And the USDI should towards south?. . Best Regards
What happened to his call this would be a yearly cycle move lower? He really needs to address this.
gary's on a hot streak, winning more burritos than he can eat
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.