Loading ...Gold – Breakout or Fakeout?
Everyone has an opinion and mine is: it’s no better than an even bet we’ll see a true breakout in gold with a weekly close above $1378, the 2016 high.
I give these even odds because gold is NOT in a bull market against all the major currencies, certainly not against the Euro at the present time, and only trending sideways against the US Dollar on a weekly chart.
But what do I know? I’ll defer to my [far] betters:
Chartworks (Ross Clark) – Gold ~Pattern Development 03-25-18
The US Dollar and Gold 03-23-18
All fair points. Gold has to prove itself to everybody now, despite the fact that the wedge breakout has occured. A drop back to the $1220 area is still possible and a failure to make new highs would make that quite likely. At this point though, I’d rate it as a very low probability.
I think you’ve got it. The PMs are sluggish because, to some, we are still at resistance and selling prevails at resistance so we may have to wait, perhaps until 1380 IMVVHO.
Thanks Boobooman….good analysis in those links