It’s been a long road since the bottom in 2015/16. Within a year or so of that low, it became apparent that the 8/16 year gold cycle had done its work and we could look forward to rising prices. What looked like some kind of wedge morphed into a rounded bottom basing pattern (golden bowl as I call it). Few believed that reverse symmetry would take us straight back up as quickly as we’d come down, but here we are, just a few dollars from touching the ‘red zone’ in my chart below. Job done. Bulls vindicated. Bears proven wrong.

That’s the easy bit though. The more important, and in my mind, harder, part is what happens next. do we touch the red zone and turn back down ? Do we surge up to the $1800 area by the end of the year, then consolidate ? (my preferred scenario), or do we just keep on flying (very unlikely in my opinion). This is where I’m going to be focussing my efforts now (in an effort to take profits before jumping back in later on).

Meanwhile, no fanfare, no fuss, another nation sees gold breaking to new all-time highs…