hope u added more when the market makers took it back to 4.88
may be the lowest we will see for a while.
the USD has been strong and gold is still holding up well.
the 6 month gold chart shows a well defined cup and handle.
i would say gold is on its way to 1400 by memorial day.
things happening faster than i anticipated.
i looked at the chart for gold and saw that when gold rolled over back in October it was in the 1175-1190 area for a few weeks after rallying to that point. So that becomes resistance on the way back up.
Prior to that gold went up and down, mostly slowly down for several years. So it created a huge base of resistance support between 1200-1300ish
Now the dollar is getting weaker after having a huge rally. Probably over extended so it will probably end the year lower which bodes well for gold.
What is surprising how well gold has performed and even more so NG when the dollar was strengthing.(real smart money was accumulating)
NG pricing, just taking conservative estimates/guesses based on the price of gold and when they will actually pull gold out of the ground.
I also try to follow as much as possible what Jeff Gundlach says/thinks. To me he is the smartest guy in the room on markets.
In 2015 he made several predictions. They all pretty much came to pass except he predicted gold to be higher. It wasn't. For 2016 he still says he thinks it will be higher. Maybe he is a year off.
Plus negative interest rates seem to be a spreading epidemic across the globe.
Sam the odds/probability/market conditions favor gold and miners after years of getting killed.
But at the end of the day who knows what the markets will do.
As far as getting to 1175 quicker, I'm not complaining but i would rather have seen a slower time frame unless of course gold is really ready to rally to 1500+, it could happen.
look back to 2002 when gold was at 280 and where it went in percentage terms for the next 9 years. :)