Gold Is Ready To Explode Higher
Dragonfly Capital | Aug 03, 2016 07:40AM ET
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.
Get The News You Want
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.