Gold's Bright 2018 Outlook
Source: What Is That Whistling Sound
Since then, we have rallied over $100.
Now we will see how much strength remains in this 4 week rally.
Note that the gold mining stocks, GDX, have outperformed the metal itself.
We find historically this suggests further upside and the end to the choppy range that the metal and stock have roamed around in over the past year.
On both the Gold metal and GDX portions of the chart we see that price has exceeded 61% of the prior move down.
This suggests to this analyst that we will challenge the prior highs both in the metal and stocks and gives us a reasonable shorter term target.
What will be notable over the next few weeks is what happens once these areas are reached.
Will we see consolidation?
Will price pull back and retrace 30% of the move up?
Will price power through and make new intermediate highs as the US dollar declines?
Certainly how the wider stock market behaves will influence the smaller and often negatively correlated gold sector.
Let’s see what happens and good trading to all.
Source: http://whatisthatwhistlingsound.blogspot.com/2018/01/golds-bright-2018-outlook.html
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