After this bullish triangle formation ends, we expect a thrust higher. This analysis would support what we are seeing in the GDX. we are now thrusting higher in wave .v., which has a projected target of $2,531.10.
Gold getting a bounce from Bollinger support band, the market is bearish, battling a battle at the 18-dma. The market is oversold, trend and bias is down.
All moving averages have some failed signals, but the 6,90 is very good at highlighting the start of massive moves in the price of gold… and a positive signal is in play now.
Moreover, as we turn to Gold’s weekly bars from one year ago-to-date, the blue-dotted parabolic Long trend continues to ascend such that we continue to seek..
Sharp rise from the day’s low yesterday suggest that traders will prefer to go long in gold and silver and short the US dollar index before key US economic data..
Central bank buying continued in February with global gold reserves up by 52 tons, higher for the 11th consecutive month. January and February net purchases totaled 125 tons, the strongest start to a year since 2010.
