Gold - Time to shine?
Gold broke-out in mid 2004 at $415. From there it spent a year consolidating and staying above the break-out. In September of 2005 Gold trended higher and starting a
trend. Fibonacci Levels have proven important to watch. When break-outs occur they usually tend to move in 61.8% advancements. Hence a break of $415 produced a target of
$671 (415 x’s 1.618). Next was 2.618 x’s the $415 price = $1,086. Notice how this level provided support in early 2010 and again in late 2015 early 2016. From there the 3.618 x’s $415 price gave a readable target of $1,501.
Now we find ourselves at this juncture. Breaking-out of the downtrend and dealing with a key Fibonacci level. IF Gold can continue, then the next Fibonacci target would appear to be $1,916.
One of the drivers to watch is the Global Real Rate of Return. Currently ALL major economies (U.S., England, E.U, Switzerland, and Japan) have negative real rates of return!
Stay tuned!
trend. Fibonacci Levels have proven important to watch. When break-outs occur they usually tend to move in 61.8% advancements. Hence a break of $415 produced a target of
$671 (415 x’s 1.618). Next was 2.618 x’s the $415 price = $1,086. Notice how this level provided support in early 2010 and again in late 2015 early 2016. From there the 3.618 x’s $415 price gave a readable target of $1,501.
Now we find ourselves at this juncture. Breaking-out of the downtrend and dealing with a key Fibonacci level. IF Gold can continue, then the next Fibonacci target would appear to be $1,916.
One of the drivers to watch is the Global Real Rate of Return. Currently ALL major economies (U.S., England, E.U, Switzerland, and Japan) have negative real rates of return!
Stay tuned!
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