A pullback from here may not happen, but if it does it would likely halt in the $4200-$4100 zone and create a right shoulder for the inverse H&S pattern.
Technically, gold still awaits a breakout over $4,500 to suggest a move to the next level. A breakout over that level could suggest a target of over $6,000.
Ira Epstein discusses the current state of the metal market amidst the challenges posed by a disaster in Northwest Indiana, where he is operating on a generator due to power outages.
Either way, should Gold’s trend continue to be our friend, (the weekly parabolic Short trend having at last met its end), then again ’tis higher prices we portend.
A myriad of gold stocks are up 20%-50% from my key buy zone at $4100-$3900. In a nutshell, it’s time to book partial profits… while holding core positions with an iron hand.
