Managed though the gold market may be, the market cannot be held forever. The London Gold Pool failed, and so will this less publically admitted meddling.
The aforementioned Nick Laird’s gold oscillator is indicating that this latest move in the gold price is a run to higher levels and possibly new price discovery. “There is good probability that gold has finished its decline and the next wave should be up and taking out the recent highs at $1,780.”
“On a larger scale, the impending move up – if it is strong enough i.e.. takes out $1,800 and then $1,900 – will then trigger a massive rise out of the triangle shown in the chart below. This is indicative of a major rise coming in gold – something strong enough to take us up to the mid $2,000′s.”
“The first rise up off the bottom was from $1,520 to $1,790 – a rise of 270 or 17.7%. We are now down at the retest level and should move up from here so a 270 rise up from $1,640 will take us up to $1,910. We will in all probability see a larger rise here i.e. larger than 18%.”
Hold onto gold