Dollar went up over the 2707 mark; 2750 is the next upside target. The pattern has been clear with higher lows and higher highs.
The pattern is an inverted head and shoulders on the gold chart. The market is holding very nicely. The big number get through is the 2700 level.
It appears this bull market has plenty of momentum left in it. As of Sept. 30, gold was up 26.5 percent in dollar-terms on the year.
2703.50 is the next objective for the gold price, as the Bollinger band now stands.
While a gold ETF is a convenient way to play the price of gold on the market, you don’t actually possess any gold. You have paper.
I am seeing that we are approaching a major top in gold in the coming 12-18 months, which is my general guestimate on the timing right now.
Ira discusses the gold and energy markets, and various forces driving prices. He believes the gold market technicals have built a bullish case.
Production of 44,300 ounces gold was a strong beat to the estimated 31,600 ounces gold. The share price rose nearly 16% on the production beat.
Any upping of geopolitical tensions or domestic political tensions would spark gold higher. We consider gold rising in the face of a rising US$ Index positive and bullish for the longer term.
The mild fall of gold and silver in Asia is just a correction and not a bearish trend. There will continue to be buyers on dips.
