0:00 - Intro0:17 - US$2,200 possible for gold in the near term2:09 - Gold's price potential in the long term4:12 - Miners in first pause of a new bullish trend7:31 - A new price target for silver10:37 - Don't bet against the market yet12:10 - Election year trading patterns to watch14:40 - Outro
Gold is down from its summer high point of more than US$2,000 per ounce, but Chris Vermeulen of TheTechnicalTraders.com believes the pullback is healthy.
"It's been pulling back in a very controlled technical pattern known as a bull flag. Bull flags are a continuation pattern - you're expecting a move of equal size continuing higher from this pattern," he explained to the Investing News Network.
"We've got a really nice move on this chart. I think we could see US$2,200, US$2,400 sooner than people think. This pattern is just on the cusp of breaking out this week."
Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and is the author of the book: 7 Steps to Win With Logic.