We have several key things that have been developing for some time for gold, at least from a technical aspect.
1) Double Bottom - Occurring around the 1200 level
2) Divergences in the MACD & Momentum that has been occurring since May of last year
I see a key level of resistance as being around 1350. If we get a break through this level I could see the price continuing on to around the 1600 level. My basis for this specific target is based off of the difference in the top & bottom prices occurring from the start of the divergence (Roughly equalling 283 point move 1480 area down to the 1200 area). If use this as a guide for future price movement once we break the resistance at 1350 we will see a similar move upwards to above 1600. It could take up to 6+ months for this to occur, but potentially quicker.
1) Double Bottom - Occurring around the 1200 level
2) Divergences in the MACD & Momentum that has been occurring since May of last year
I see a key level of resistance as being around 1350. If we get a break through this level I could see the price continuing on to around the 1600 level. My basis for this specific target is based off of the difference in the top & bottom prices occurring from the start of the divergence (Roughly equalling 283 point move 1480 area down to the 1200 area). If use this as a guide for future price movement once we break the resistance at 1350 we will see a similar move upwards to above 1600. It could take up to 6+ months for this to occur, but potentially quicker.