Gold Bulls Now Targeting $1,377.00, And Above
(Kitco News) - It's always prudent for traders of any market and anytrading timeframe-even the short-term intra-day traders-to examine longer-termprice charts, such as weekly and monthly charts. History proves thatsignificant, trending moves in markets tend to see their prices gravitatetoward historical highs (in an uptrend) or lows (in a downtrend), which aredepicted on those longer-term charts.
In the case of nearby Comex gold futures, prices are presently in an uptrend from the late-2016 low of $1,124.00, as seen on the weekly continuation chart for nearby futures. Gold prices this week hit a seven-month high of $1,295.20, basis nearby Comex futures.
A price move above the psychological resistance barrier of $1,300.00 would then suggest gold prices wanting to move to the 2016 high of $1,377.00. Just above that mark lies the 2014 high of $1,383.00.
A move in nearby Comex gold futures above the 2016 and 2014 highs would provide still more longer-term technical power to the bulls, to then suggest a move to the $1,500.00 level.
For Kitco News
Follow @jimwyckoff
jwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities,securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.  |