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Gold Hits Our $1300 Price Target – What Next? Chris Vermeulen (08/01/2019)

Gold Hits Our $1300 Price Target – What Next? Chris Vermeulen (08/01/2019)
By Chris Vermeulen for Technicaltraders.com 6 months ago 1587 Views No comments

January 08, 2019

Early trading on January 4, 2019, saw Gold reach just above $1300 per ounce – confirming our price target. The importance of this move cannot be under-estimated. Traders and investors need to understand the recent rally in the metals markets are attempting to alert us that FEAR is starting to re-enter the market and that 2019 could start the year off with some extended volatility.

Our research has shown that Gold will likely rotate between $1270~1315 over the next 30~60 days before attempting to begin another rally. Our next upside price target is near $1500. We will continue to post articles to help everyone understand when and how this move will happen. We expect Gold to rotate near the $1300 level for at least another 30 days before attempting another price rally.

Pay attention to the Support Zone on this Daily Gold chart and understand that price rotation is very healthy for the metals markets at this point. A reprieve in this recent Gold rally would allow the start of 2019 to prompt a moderate rally in the US stock market as well as allow a continued capital shift to take place. As capital re-enters the global equities markets, investors will be seeking the best investment opportunities and safest environments for their capital. Our belief is that the US stock market will become the top-tier solution for many of these investments.

This Weekly Gold chart shows our Adaptive Fibonacci price modeling system and why price rotation is important at this time. The highlighted GREEN Fibonacci price target levels on the right side of this chart are projecting upside price objectives for the move that started near mid-November. We

can see that $1325 (or so) is the highest target level and that $1273 to $1288 are the lower levels. This suggests that we have already reached the upper resistance range and a mild price rotation would allow forthe price to establish a new fractal low rotation that would establish NEW upside Fibonacci price targets. In other words, we much have some price rotation to support the next leg higher in the Metals markets.



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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