I’m not making any predictions and am open to adjusting my views but when I look at the long term chart of $gold there is a very clean channel that has formed since the top. If we were to make it to the bottom of this channel we would be looking at prices in the 600 or 700’s. Seems insane but personally think it’s possible. Regardless, gold will have to make a decision soon.

What could possibly drive such a move, well it would be the USD breaking up out of its rising wedge instead of down. Anyone who follows Rambus knows how explosive those moves can be. Again, the resolution of this pattern will be seen shortly and it should be the chart that every PM trader is tracking.

Lastly, I don’t follow much EW analysis but there is one trader that I do respect greatly because of his truly non-biased analysis of the gold market. For the goldbugs that wish to listen his latest analysis, I warn you there is extremely graphic charting content in this video. Parental supervision is advised: https://youtu.be/hAQof7nhrjY