Gold Test Of Support Completed Successfully

The gold price has once again tested support successfully, the bulls showed up, the bears will be covering sending gold prices higher, and yes Jeff Gundlach is likely to see his $1500 gold target.

The gold bug websites have been screaming about massive physical demand, but yet price had not moved. Why is it moving now? Simply the selling has stopped, selling from $2000 to $1250 is done, the supply has dried up, exhausted. The gold market will now see profit taking by the shorts, and a few bulls jumping on the momentum trade. The long term trend will not be confirmed until it the price breaks above strong resistance at $1500, and is were the selling will start again. Gold massive test will be at $1500. Till then enjoy the run up.

Click for popup. Clear your browser cache if image is not showing. 

Cycles have worked over the last 10 years (note the error in the blue text on the chart, the cycle is not a 10 yr period).

Click for popup. Clear your browser cache if image is not showing. 

NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net 

Investing Quote...

.."Money cannot consistently be made trading every day or every week during the year"..

Jesse Livermore Trading Rule

.."Money couldn't buy friends, but you got a better class of enemy"..

Spike Milligan