Loading ...Bold Gold Projection
Andrew Addison, a technical analyst I remember from decades ago, who was pretty good on the stock market, has just made this bold prediction for gold. “Once gold has a monthly close above $2200, then my work would generate upside projections of $3600 to $4000.”
Since I believe it isn’t that much of a stretch for gold to close the month over $2200 (barring a very hawkish FED on Wed.) we should know fairly soon if it is going to blast off towards those much higher levels. https://www.marketwatch.com/articles/gold-new-buy-signal-75b71efc?mod=search_headline
Buy signal for gold triggered with the recent breakout. My work is targeting a run to 2290 then to expect a backtest of the BO.
Breakout was the trigger (KISS principle):
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=4&mn=6&dy=0&id=p30235374678&listNum=53&a=1633296238
Likely target for the move is about 2290 then a backtest to the BO:
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=0&mn=4&dy=0&id=p87344225857&listNum=53&a=1633310098
Agree that the BO above the Dec4th high was THE BO as I had stated before it occurred. AS you show on your chart the last 6 trading days(could last a few more) IS the back test of that BO. Once it closes above 2200 I don’t see another back test especialy if Addison’s analysis is correct about it being a monthly close above 2200. Who knows how long it takes to make it’s way to his targets, but once a monthly close above 2200 and it reaches your 2290 or above, 2200 should be the floor.(Is that the back test you mean?) If so I agree.
A backtest to 2100 would be pretty standard, but I think it could do just about anything. Whatever it take to give it a good shakeout