Well, I certainly didn’t expect that from the gold market. Tuesday looked like the clear beginning of a push up to $1,440, but almost all of that advance was given back on Wednesday.
The price of gold is being whipped around by the U.S. potential action in Syria. Unless gold pretty quickly whipsaws again to the upside, it is possible we’ll first test the lower boundary of the expected trading range at $1,344. I still think $1,444 is in the cards, but I doubt we can get there by September 10. It could take to the end of September to hit that target.
Perhaps the biggest message is that $1,444 is going to be a very tough barrier, and we are likely to be stuck in a $1,344 to $1,444 range for a few months, until the fractal energy rebuilds for a push to new recovery highs.Print This Post