A move higher for Gold has been on the cards for a while now. Just under a month ago the price broke through Resistance and it looked to be having a fresh Breakout. However, we've seen plenty of Smackdowns and False Breakouts in the Precious Metals markets before so it's good to get Confirmation and I believe that we are now seeing a solid confirmation of the recent Breakout. Technical Analysts all over the world will now be rightfully Bullish on the Gold price in the Medium Term.
The next question is surely now - "How high will it go?" It's clear air from here and while I'm certainly tempted to make a new post every day the Gold price makes a new All-Time-High I think that it will be happening a lot over the coming months so I'd just be spamming if I did that.
For those who believe in Elliot Wave Theory you could argue that we are in the midst of a Wave 3 which suggests we might be less than half way through this current move higher. That might put a target of about $2500-$2600 in the next 3-4 months. Certainly that would be good news for stackers of the shiny stuff but markets (and especially this one) are not so predictable. Still, I've penciled in that price target for Gold and hopefully we will see Silver catching a decent bid too as it tries to catch up.
Stack ON!
