- Given last week’s strong price action and gold’s intraday resilience, it is now very likely that gold indeed is breaking out of the multi-month consolidation triangle.
- A measured move out of this triangle could take gold to around US$1,950 to US$1.975 until spring. The monthly Bollinger Band ($1,975) could become the logical target!
- Given the fact that gold usually starts to struggle somewhere in spring, the ongoing rally could still be just a counter-trend move within the larger consolidation/correction.
- We are short-term very bullish, mid-term neutral, and long-term very bullish for gold.
For further details see:
Gold Chartbook - Gold Is Breaking Out