Loading ...[I want to give gold the chance to break all the old parameters]
“support no lower than 1377, yet with resistance so as not to move materially above 1434, let alone last week’s “overshoot” high of 1442.”
Not to damper our “endless winter” enthusiasm, but per the key point from a week ago: we’re not anticipating any imminent Gold milestones from here. Price settled out the week yesterday (Friday) at 1401 after having in the prior two weeks (as you well know, lest you live in a hole) surpassed Base Camp 1377 and our “conservative” forecast high for this year of 1434. For as summer’s sun churns winter’s snow to water, likewise do we sense the trading process to churn Gold’s superb upside progress to oscillation, ideally with
support no lower than 1377, yet with resistance so as not to move materially above 1434, let alone last week’s “overshoot” high of 1442.
Indeed, our recent missives have cited how rare ’tis been for Gold to be trading in the 1400s period. To further update that data, since Gold’s All-Time Closing High of 1900 on 22 August 2011, there’ve now passed 1,980 trading days, in which for only 37 of them price has settled in the 1400s : that’s just 1.9% of the time. One might thus opine that Gold having not essentially endured this area before, nobody really knows what to do.