Gold just broke out from the substantial congestion zone that began forming about four months ago. The big question for gold bugs around the world is obviously: Is the breakout real?
For the first time since 1996, foreign central banks now hold a larger share of their international reserves in gold than in U.S. Treasuries, a notable shift in the financial landscape.
We still have other potential alternates for the internal wave structure of wave -iv-, and for now, we will not list them all here, but they point to gold moving sharply higher very soon.
This past week, gold made a record high weekly close but remains just under its all-time high of $3,500. Our expectation is that this level could soon fall.
You're still in something of a resistance area. Look at all these spikes to where you're at right now: higher lows, higher highs—bullish. Momentum-wise, pushing up, but overbought.
Words are hard to find when reviewing Gold’s monthly bars since 2010. Unlike the S&P 500, which is far overvalued despite weak earnings, Gold still trades at a discount to Dollar debasement. Got Gold?
