The price of gold is back to the 2008 high and appears ready to make a run at a new high.
The breakout after a 90 day consolidation looks good. Be on the alert for a false break to a new high that fails. But a second try after a failure will most likely work as price moves higher.
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Tags: Gold5 Comments
Andy,
Based on your methodology, what would be a reasonable price target/sell point for any upleg that follows in the coming months.
Mike – I have a new post on price targets in general, and Gold in the specific.
Andy,
Silver started the run before gold it hit the top couple of days back and couldn’t hold it. Dollar weakness is helping Gold and Silver momentum.
I wouldn’t go long…..Also could be wrong
Just my opinion, but I think it is a mistake to conflate gold and silver price action. Silver is an industrial commodity, gold is not.
I got target of 125 by February … buy dates most likely @ 9/30 or 10/13 whichever has GLD back at 94-95 area.
Don’t hate if i am wrong