Gold just burst above the significant resistance zone of $5100, turning that into modest support. The longer gold stays above that price, the stronger this support becomes.
Gold remained a pillar of strength, pushing above $5,000 an ounce for a third consecutive day as Middle East tensions and an uncertain Federal Reserve outlook sustained haven demand...
We begin with a tip of the cap to mighty JPMorgan Chase, which in recent weeks projected a Gold price (’tis said some several years out toward decade’s end), achieving the 8300 area, and even 6300 this year.
Chinese demand played leading roles in fueling both gold’s recent monster record bull and popular speculative mania into late January. That left gold at its most-extreme overboughtness in 46 years.
Once again, the wild rollercoaster ride of precious metals prices exemplifies the classic dynamic of speculative overheating followed by a healthy correction within a secular bull market.
