Gold's Bottom Is In Place. Has A New Bull Market Begun?
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Gold is the purest charting market of all. The Gold market always rings a bell at major turning points. Gold has been in a bear trend since the 2011. Well, guess what...
The advance this past week blew through the upper boundary of the 25-month wedge on the weekly and monthly Gold graphs. This price action confirms that the bottom in Gold is in place. Falling wedges do not normally lead to a strong and immediate up thrust. More typically, prices either retest the wedge or stair-step higher. However, a strong thrust is entirely possible and cannot be ruled out. The targets of the wedge are 1307 and 1392. I would be most interested in being long Gold on any pull-back toward 1200, but I am not sure the market can pull back this far.
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