The $1145 gold target that I have mentioned on my recent post is still in play. Gold is struggling to hold $1200 over the past couple of days and has already slipped back below the key level of $1224, which was the yearly high as far back as 2009! I need an eight year chart to look at that old price action, so gold has gone nowhere for nearly 8 years. That has been an undeniable bear market.
Note how the gold price action has fallen out of smaller black pitchfork. Support along the bottom line is now resistance (orange circles). The bearish move came after Trump's election victory (red circle).
Along the larger and perhaps more significant blue pitchfork, price hit $1124 along the bottom line as I suggested was possible many weeks ago. Is it going to that line again at $1145?
Rising inflation (US CPI report today) - bullish?
US Interest rate hike possible this week - bearish or not?
Dutch general election.
US Debt Ceiling issue.
Bearish potential target: $1145 at bottom line of blue pitchfork.
Bullish potential target: $1250 to resistance at bottom line of black pitchfork.