Higher High
Looks like we finally go our Higher High in Gold
Plunger’s Matterhorn has been exceeded
Great call Plunger and Graddhy and pass the popcorn
Polls
Loading ...EVERY VOTE COUNTS
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POSTING INFORMATION
So the next target is Matterhorn 2 – Mount Blanc maybe? The 2014 high at $1393. Similar to Ackerman’s target of $1380 whatever and a target I had at $1384 which was actually by doing a Rock Ackerman type ABCD pattern. I was just copying his style.
$1400+ would take gold into a major uptrending channel pitchfork. I think that level will be key resistance. Either it will repel gold back down or maybe it will blast straight through it. If it takes a long time to get to $1400, the target will have moved up a bit because of the upsloping nature of the large bullish channel. I wonder if gold will get there when this old uptrend channel has its floor at $1434, which is a key level for gold (2010 high and the 2013 post crash rally high). $1434 also saw the major change in behaviour from bull market to mania on the way up in 2010-2011. All the action over $434 was bubble action really. Next time $1434 is exceeded, it needs to be sustained bull market action.
All conjecture though.
Rick Ackerman