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Gold Has Finally Cleared Major Resistance – Time For Liftoff - Chris Vermeulen (June 18, 2020)

Gold Has Finally Cleared Major Resistance – Time For Liftoff - Chris Vermeulen (June 18, 2020)
By Chris Vermeulen 25 days ago 2004 Views No comments

June 18, 2020

Our research team authored an article on April 24, 2020, suggesting Gold would have to clear a major resistance channel/arc before any further attempt at a rally would take place.

At that time, we expected this resistance channel to contain gold Prices for a short 10 to 14+days before a bigger upside price move was going to begin. You can see from our original charts that we believed the resistance channel would be broken fairly quickly. Yet, Gold has continued to trail moderately lower as the US stock market has continued to rally and the US Fed has stepped up their support and is buying up all sorts of debt and assets.

ORIGINAL APRIL 24 DAILY GOLD CHART

CURRENT DAILY GOLD CHART

Comparing the original chart to the current Daily Gold chart, below, you should be able to see how the price has now established a base above the GREEN ARCING resistance channel that we believe is the final hurdle before Gold attempts a move to levels above $2100. Although Gold has yet to really start a massive upside price rally, at this point we believe the big move higher could start at any moment.

The US Fed has continued to warn that the recovery process may be full of unknowns and risks. The global markets are going to react to what happens in the US markets and Q2 data is just a few weeks away. We believe precious metals are poised to make another 10% to 20% upside price move that may initiate at any moment. All it takes is a push away from these consolidation levels to put Gold an Silver back on the radar for traders. Once traders see the move start – they will pile into the rally just like they always do as many people expect Gold to rally above $2500 before the end of this year.

Gold prices must move upward to levels above $1825 to confirm a new bullish trend or downward below $1630 to confirm a new bearish trend. See the highlighted GREEN and RED rectangles on this Gold Daily Chart.

CURRENT WEEKLY GOLD CHART

This current Weekly Gold chart shows how the price has stayed glued to the GREEN Fibonacci Price Amplitude Arc and how clearly these levels act as real resistance or support. The Weekly Gold Chart already confirms the Bullish price trend for Gold and supports the $1630 Bearish Price Trigger Target for any move to the downside. In other words, Gold would have to fall below $1630 to qualify as entering a new bearish price trend.

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The next upside move in Gold and Silver could start at any moment. The current support level in Gold suggests $1680 to $1700 is strong support and all it would take to start this next big move is a sprinkling of “fear” to start a precious metals greed cycle again. How that happens, normally, is that the general stock markets move into a declining price phase on economic weakness or poor earnings data (or worse) and traders suddenly watch Gold rally up 5 to 7% fairly quickly. At that point, traders begin to focus on the metals and the fact that we are just about $200 away from new all-time highs.

It won't take much to push Gold into the $2100 level and once that happens there will be talks of $5000, $10,000 – even $20,000 gold prices. Watch for the next sign of real weakness in the US stock market (possibly a breakdown event or some other event) and watch for Gold to attempt to rally above $1775. That would be a pretty good sign that the upside price rally in Metals has initiated.

Ride our coattails as we navigate these financial markets and build wealth while others watch most of their retirement funds drop another 35-65% during the rest of this financial crisis going into late 2020 and early 2021.

About Sprott Money

Specializing in the sale of bullion, bullion storage and precious metals registered investments, there’s a reason Sprott Money is called “The Most Trusted Name in Precious Metals”.

Since 2008, our customers have trusted us to provide guidance, education, and superior customer service as we help build their holdings in precious metals—no matter the size of the portfolio. Chairman, Eric Sprott, and President, Larisa Sprott, are proud to head up one of the most well-known and reputable precious metal firms in North America. Learn more about Sprott Money.


Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and is the author of the book: 7 Steps to Win With Logic.

Through years of research, trading and helping individual traders around the world. He learned that many traders have great trading ideas, but they lack one thing, they struggle to execute trades in a systematic way for consistent results. Chris helps educate traders with a three-hour video course that can change your trading results for the better.

He is a regular speaker on HoweStreet.com, and the FinancialSurvivorNetwork radio shows. Chris also contributes market insight to several financial hubs like SprottMoney.com



The author is not affiliated with, endorsed or sponsored by Sprott Money Ltd. The views and opinions expressed in this material are those of the author or guest speaker, are subject to change and may not necessarily reflect the opinions of Sprott Money Ltd. Sprott Money does not guarantee the accuracy, completeness, timeliness and reliability of the information or any results from its use.

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