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Gold Forecast – Possible Spike High Complete

In my article, Gold Price Forecast – A Potential Spike High This Week I noted the possibility of a bearish reversal surrounding Friday’s employment report. Gold reached a high of $2089.20 on Friday before prices started to roll over. Slipping back below $2000 would endorse a multi-week, potentially severe correction in precious metals.

-GOLD DAILY- Any close back below $2000 in the coming days would support a spike high and temporary peak in gold. Prices would have to close progressively above $2100 to extend the current advance.

-SILVERSilver broke the $26.00 level and is testing resistance around $28.00. It looks like prices want to test $30.00.

-GDX- Closing below Wednesday’s black candle low ($44.02) would confirm a short-term sell signal. First target $37.00 with a primary objective near $31.00.

AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more information, please visit here.

For a look at all of today’s economic events, check out our economic calendar.

 

This article was originally posted on FX Empire

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