In this updated gold price forecast, we will look at short,
intermediate and long-term gold price targets. I also have a silver
price forecast explaining the possibilities of a $300 price target for silver
and how I plan to turn precious metal profits into lasting wealth. Our
unique approach combines cycles work with technical analysis to give
estimated market timing and potential target areas. Current indicators
suggest the gold price is close to forming a top and once formed prices
should head lower into a biannual cycle low by year end. In the
remainder of this exclusive gold forecast we will focus on various price
charts and give brief summaries of the present technical environment.
Since this correction began in 2011, prices have stayed in somewhat of a predictable pattern. This pattern includes gold prices
forming biannual cycle tops within certain time parameters and prices
holding to specific moving averages. The daily chart pictured below
shows prices are now attacking the downward sloping 200-day moving
average (pink line at $1,176.29). Gold prices have
struggled with the 200-day moving average and therefore, this seems like
a potential termination area. If prices close above $1,206 for more
than two days in a row, I will be forced recalculate the target area.
Our premium newsletter is focused on identifying topping patterns and we
will alert subscribers once confirmed. Note: The slow stochastics
indicator (shown above the price) is in overbought territory, a
crossover from this area has often signaled the biannual cycle top. (more)
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