Gold

Gold going well today.

Looks to be breaking out.

Hi Trendfriend

I think it will break up for the simple reason that nothing in the real world would support a big drop below 1200 right now. I've got just about everything invested in gold funds etc until the end of the decade or more as I think it will way out perform equities in that timeframe. But I like to play with some in my spreadbet account so I watch it daily and really appreciate views such as yours on here.

$1300 here we come!

Learning

Hope so trendfriend

Went long on a few gold produces a little while back!

Nearly Learning!! held 1200 brillaantly well.....
Come on Shiny stuff, you can do it

Trendfriend.

Hi Learning,

This looks to have retraced much of its gains. It's currently in a area of support.
1200 & 1990 are the next supports, its currently holding on to the 10 day ema and a short term trendline below.
If these area's fail to hold this could well go down to 1150, so lets see....
I think 1200 and 1190 should be good support.
If it breaks out of what looks to be a bull flag.(not a bull flag until it does break out) The target would be the length of the flag pole, so 100+ points.

This is a interesting article on Gold which someone posted on another forum. interview with Dan Norcini
www.moneymetals.com/podcasts/2016/02/19/...ld-technicals-000831

ATB.
Trendfriend.

Hi Trendfriend

Would you say the low for that pennant is about 1210 as of Monday - if it breaks down it could still be a bull flag but could go down to 1130'ish before it turns up again. This week's UBS report suggests gold could still re visit 1130-1150 - I'd just like it to go up to 1300 or more first!

If it breaks up out of the pennant next week, what target price would you project?

Thanks

Learning