Today legendary technical analyst Louise Yamada just sent King World News an interim update announcing a historic breakout in the gold market. Yamada has been correctly calling the moves in the gold market for years and this is a major change in her directional call for gold.
Today legendary technical analyst Louise Yamada, who has correctly called the major moves in the gold market for years, told King World News that she has now turned bullish.
By Louise Yamada, Founder of Louise Yamada Technical Research Advisors
March 2 (King World News) – INTERIM UPDATE Gold Breaks Out
GOLD BREAKS OUT
The growing concerns over negative interest rates may be pushing investors toward Gold Spot price (GOLDS- 1,247.10), even though there was only a small accumulation in place as noted in our February write up. Gold price has now exceeded the 200-day Moving Average (MA) and additionally has penetrated both 1,200 first resistance and the 2013 downtrend, and lifted to the first higher high above the October and May 2015 peaks (see upper arrows below on Figure 1)).
The daily (above) and weekly (see Figure 2) momentum models have moved to new one-year highs (lower arrows), offering both short and intermediate-term Buy signals. The next step would be for a pullback to hold at a higher low, above the December low, and perhaps complete a year-long reverse “head-and-shoulders” bottom (see Figure 2, saucers) which would extend the basing process. Thereafter a higher high would establish a new uptrend, the first in years.
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If Gold retains strength over the days and weeks ahead, price could eventually overcome the sequential peaks (see Figure 2, horizontal lines) at 1,300 (to lift also above the broken 2005 uptrend), as well as 1,350, 1,385 (to address the 2011 downtrend) and 1,440. Moving through these levels would bring price to a position of challenging the two-year formidable resistance at 1,550 (dashed horizontal line) over time.
Additionally, the monthly momentum model, after being flat for over a year, has just offered a Buy signal (see Figure 3, vertical line), reversing the Sell signal from early 2012 (see lower arrows).
Since Gold has held just above the expected 1,000 two-year support level (the strong support from the 2008-2009 consolidation, see oval), Gold may be able to achieve at least some of these targets over the weeks-to-months ahead. This behavior would also be in line with the inverse relationship of Gold to Stocks (see Outlook 2016), in which Gold outperforms as the equity market declines.
***KWN has now released the Stephen Leeb KWN audio interview where he discusses the gold and silver, China, Russia, what surprises to expect in 2016, and much, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: Turbulent Times Are Ahead As Gold Has Entered A New Bull Market CLICK HERE.
***KWN has also now released the Dr. Paul Craig Roberts KWN audio interview where he discusses the gold and silver market in greater detail. Dr. Roberts also discusses the greatest threat facing the world, systemic collapse, major markets, and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
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