Gold’s Next Move And Price Target
Commodities / Gold and Silver 2016 Mar 09, 2016 - 10:17 AM GMTBy: InvestingHaven
As discussed a couple of weeks ago, Rob Tovell outlined several price targets for gold. As the first ones are hit, the next target comes in around $1345. However, that target will not be met in a straight line, and volatility is entering the gold market right here right now.
The key challenge for gold is best visible in the weekly chart. That is the first chart discussed in the video which is embedded below.
Gold’s weekly shows the downwards sloping trend channel. Gold moves within the boundaries of that channel: it bounces up at support and heads lower at resistance levels, in a very strong and accurate fashion. At this point, a retracement is unfolding, which will bring gold likely down to $1178 (the previous highs). That move will last between one and three weeks most likely.
The daily chart provides some shorter term insights. As discussed in one of the previous gold videos, the cup and handle pattern resulted in a bullish buy signal. After the first strong rise, things are getting very choppy right now, and several indicators point to a retracement.
In other words, both the daily and weekly charts confirm that a retracement is starting.
For even more detail, Rob Tovell looks into the intraday chart. On that chart, the short term Fire Lines already started to head back down.
What does all this mean to investors? If you are not already long gold, this is the time to be patiently looking for an entry point. It is not recommend to jump in already now, as gold can typically drop fast and sharp with the aim to shake out weak hands.
Volatility is coming, and, as always, that comes with opportunities for patient investors and traders. Rob Tovell will issue a Trade Alert when an ideal entry point is presenting itself with a signal to go long.
Analyst Team
The team has +15 years of experience in global markets. Their methodology is unique and effective, yet easy to understand; it is based on chart analysis combined with intermarket / fundamental / sentiment analysis. The work of the team appeared on major financial outlets like FinancialSense, SeekingAlpha, MarketWatch, ...
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