$1,500 Gold, Here We Come

6 August
Todd “Bubba” Horwitz for Kitco News:

“As we look back at the action in gold last week, we saw a market that was consolidating. There was the shakeout of the weak hands who trade on their opinions instead of what we preach every day: the market footprint. In other words, we saw many dump their gold positions when they should have been holding and buying the dips.

After opening lower in the overnight session, gold has had another dramatic turnaround and is making new 6-year highs on its way to $1,500. There will be sell-offs before we get there, but the pattern and footprints suggest that there is room to go higher and test our next target of $1,500.

 

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