Is A GOLD Rally Setting up? Watch 1275
Over the past 2 years, Gold investors have been quieted by the relentless rally in equities. But considering the frothy sentiment of Gold bulls at the 2011 peak, it has taken some time to wring out the excess.
And this has shown up several times over the past year, as rally attempts have failed… perhaps because bulls were sucked back in to quickly. But after the grinding back and forth, the bulls have quieted down and Gold may be setting up for a move higher.
In the daily Gold chart $1275 seems to be operating as a median and dictating where Gold prices lead on a short-term basis. See the Nov 2013 breakdown, Feb 2014 breakout, April-May consolidation, and recent June break higher.
And considering that Gold is currently above that price and backtesting it again!, Gold may be setting up for a nice rally… IF 1275 holds. If not, look for price to continue to move sideways within a range.
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