Comex gold futures prices today are posting solid profits, which have quickly and markedly stepped forward the technical posture in gold to additionally now advocate a near-term marketplace backside is in the vicinity and that prices can now fashion at the least sideways, or no longer sideways to better, inside the near time. An almost three-month-vintage downtrend line on the day-by-day bar chart was negated as gold costs were driven to a four-week high, which is poking above the psychologically essential $1 three hundred—00 level. June gold bulls’ next upside technical target is pushing expenses above chart resistance at the April high of $1,314.70.
As these words are being written, gold is consolidating at the $1,640 an ounce level after peaking at $1,900 in August of 2011. In addition, gold has fallen below each of its 50-day and two-hundred-day moving averages. For the army of technical evaluation who now appear to rule Wall Street, it’s far game over for gold. There is no scarcity of monetary commentators throughout the Wall Street spectrum ready to write gold’s obituary, but is the bull market honestly completed?
