After another wild week of trading in global markets, today King World News is pleased to share the following piece from Kevin Wides out of Switzerland. Kevin put together the following chart and commentary exclusively for KWN readers which shows that gold may be set to skyrocket.
Kevin Wides: "The gold bull market priced in Euro’s started in 2005. It then peaked in 2012 and promptly retraced exactly 50% of the entire rise (click on chart below to enlarge).
Currently a low looks to be in, with a clear 5 wave pattern down completed and a higher low in the form of a double-bottom. The price of gold is still above the 100 and 200-day moving averages, with a double-top resistance formed at 1000 euros (see chart above)….
Continue reading the Kevin Wides piece below…
The Russian rouble and YEN have shown how gold can protect the man in the street from a local currency crisis and devaluation. The European Union is mired in major problems — too many to mention — and the technicals are calling for a rally in euro gold prices. It may be due to a Euro fall or USD rise in the gold price. Either way the setup is primed for a significant rally in the price of gold."
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