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Below are the fascinating charts sent to us by David P. out of Europe, along with the roadmap to $3,500 gold.


There is a war taking place in the gold market right now at a very key level.  The price of gold held above the 30-week moving average last week (shown below).  More importantly, gold hit the 20-week moving average and turned higher.  I firmly believe the 20-week (MA) will be a key level to watch if the bull market accelerates.




In the first phase of gold’s bull market, the 70-week moving average was the major support level.  Gold stayed above that key moving average until the collapse in the global markets in 2008.  After 2008, the 30-week moving average became key support (shown on the left hand side of the above chart).  If the gold market is in fact going into an accelerated up-move, the 20-week moving average may be the key support level to watch.  Despite the pullback, I believe the latest action in gold is a sign that we are in a new bull market, and the target for 2016 is $3,500 for gold.  This would mean a roughly $2,300 advance in gold, which would look like this (see below):




This week’s trading action should be quite revealing because in the event there is any pressure to the downside in gold, we want to see the price hold relatively close to that key 30-week moving average.  If you look at the chart above you will see a steeper projection for the price of gold in the future, but this is just normal action for a bull market entering the next major phase of a bullish advance.


IMPORTANT - KWN has more interviews being released today.


© 2014 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


The audio interviews with Egon von Greyerz, Dr. Marc Faber, Rick Rule, Ben Davies, Rob Arnott, Dr. Paul Craig Roberts, Andrew Maguire, Art Cashin, Gerald Celente, Eric Sprott, Bill Fleckenstein and John Mauldin are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.


Eric King

KingWorldNews.com

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