I recently suggested we could see a $100-$200 move in gold https://goldtadise.com/?p=444548

The bullish descending wedge has broken out and STOCH/MACD are advancing. The move has given us around $65 so far and we’re fast approaching a critical zone for gold bulls

Please take this simply as my point of view. It’s not a prediction, just a statement about what is happening at the moment. We could reverse and see DXY at 120 and gold at $700 in the next few weeks/months. I view that as a very low probability. I will only start to consider that as a significant possibility if/when gold falls below $1220. I’ll repeat. Nothing changes fundamentally until we break overhead resistance or support. I have no agenda, or bias. I’m just sticking with the evidence thus far as I see it. I’m quite prepared to change my view as the evidence changes. Only a fool refuses to accept what is in front of their eyes.

 

EDIT – Will there be some sort of attempt to smash price back down or are we going to see short covering ? If the latter occurs, we can probably forget about resistance levels, as price slices through them in a ‘reverse symmetry’ fashion. In that scenario, former resistance would quickly turn to support. This is getting interesting now.