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1050 Line in the Sand

What Will Gold Do For Dec. 2015 and Beyond?


  • Total voters
    34
  • Poll closed .

FunnyMoney

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Silver Miner
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#81
In this thread, you will see mentioned "trading range" many times, all back in 2016.

Now about 20 months later the range is ready to move up and on to new numbers...

Right now, we see this recent strong up move, off the MT 1239 support, is now stalling around 1305 and 17 silver. But I don't see this stall as anything to worry about. I've noticed how this time hitting 1300 hasn't created much attention compared to last time we were here. Last time we saw a party in the bulls and a lot of concern from the media as we approached to 13oo goal. When it charged over with force but then failed to sustain all the way up to the heavily talked about 1400, we saw the typical "told you so, it's barbaric" from the media and an end to the bull party as things quickly exhausted themselves and the price fell back to below 1300.

This is typical for markets, both the above notes and these below...

This time it's like 1300 is no big deal. If we trap this area or if we float above 1300, I wouldn't be concerned at all. Gold can often put you to sleep just before it explodes into a new range. 1224 was an important low in the last range prior to the 1239 and I think support from there has continued to ratchet up. 1250 to 1272 has to be considered very strong support now. I'm expecting traders to be buying under 1300 whenever they can now. Not a lot of fan fare at 1300 is a good sign for the bulls. I'm expecting incremental moves taking us into a new range somewhere nicely above 1300. But that may come after a 1300 trap period and I think the next handful of trading days should resolve this question.