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Gold’s Big Move

Commodities / Gold and Silver 2017 May 11, 2017 - 12:23 PM GMT

By: Hubert_Moolman

Commodities

Gold is currently trading near a critical level, from where a massive move up or down is imminent. One   of the measures that illustrate we are a close to a big move, is the following resistance line on the gold chart that I have previously highlighted. Below, is a gold chart (from tradingview.net) with the resistance line indicated:


The red line is the critical obstacle that the gold price has to overcome, for the continuation of the gold bull market. Furthermore, since price has now failed more than four times at the line, there is a great chance that we could see a big drop.

However, if the price is to turn around and break through the resistance line, then a great amount of energy is required to fuel such a move. This kind of energy can only come from a collapse of a big market like the general stock market, or the bond market.

In my view, it is clear that the next major gold and silver rally will be driven by a stock market collapse.

When gold  breaks through the resistance line, we will see a gold rally like that of 1979/1980. In fact, there is a peculiar fractal that suggests the current situation for gold is very similar to that of May 1979, just before the massive rise in gold – see the following long-term gold chart (which is self-explanatory):

For more on this and this kind of fractal analysis, you are welcome to subscribe to my premium service. I have also recently completed a Silver Fractal Analysis Report as well as a Gold Fractal Analysis Report

Warm regards

Hubert

“And it shall come to pass, that whosoever shall call on the name of the Lord shall be saved”

http://hubertmoolman.wordpress.com/

You can email any comments to hubert@hgmandassociates.co.za

© 2017 Copyright Hubert Moolman - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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