Thursday, February 11, 2016 1:10 PM EDT
This is a short update on the gold price.
As discussed in the gold video update from three weeks ago, gold’s daily chart was in a cup and handle formation. That triggered a big buy signal around $1,115 after the cup and handle was complete.
The target laid out was very easy to calculate: the distance from the bottom to the top of the cup formation equals the distance from the breakout point. That target was right below $1,200 which was hit yesterday.
Where do we go from here in gold?
A pullback is very likely in the short run. In fact, a retracement is even very healthy. That retracement could go down till $1,142 while gold would still be in a strong bull market.
From there, we are looking to the realistic gold price targets outlined in the latest gold video this week.
In other words, wait for a pullback before going all-in at these levels. The retracement will come before gold moves higher.
Video Length: 00:04:16
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