Colombo says gold needs to break decisively above this key level to confirm a trend change.
August 13 (King World News) – Here is a small portion of a piece that was just released from the always brilliant Jesse Colombo: After testing the key $3,900 to $4,100 support zone from late June through early August, gold was unable to break below it and instead staged a powerful rebound. It has now erased much of its sharp June selloff, which is a very relieving and encouraging development that greatly increases the chances that the correction that began in January is finally over and that the long-term bull market can resume its upward trajectory.
KING WORLD NEWS NOTE: Colombo Says Gold Needs To Break Decisively Above $4,600 For Greater Confirmation Of A Trend Change
If You Are Looking To Buy, Be Patient
Gold is now deep into its $4,300 to $4,600 resistance zone, which formed over a nine-month period from the key highs and lows between October and June. That is a very encouraging sign, though I would like to see gold break fully above this zone for even greater confirmation of this bullish change in trend. Assuming that occurs, the odds of the next leg higher and a strong rally into year-end, not just for gold but for the entire precious metals complex, will increase significantly.
With gold having surged roughly $500 per ounce in just a couple of weeks, it is now a bit extended in the short term, increasing the chances of a brief pullback or consolidation phase. For those looking to enter trades in either gold or gold mining stocks (as opposed to stacking bullion), I would therefore exercise some caution for now and wait for a brief cool-off period, then look to buy upon a breakout from that consolidation, especially since there is still significant resistance overhead that needs to be cleared…
Listen to the greatest Egon von Greyerz audio interview ever
by CLICKING HERE OR ON THE IMAGE BELOW.
Rebounds Are A Process
Rebounds from major corrections like the one we have experienced since January are a process and rarely occur in a straight line. Instead, they typically unfold through a series of rallies followed by consolidations, then further rallies as each successive resistance zone or level is surpassed like another hurdle.
The final and most important hurdle is the peak reached just before the correction began. Once that level is decisively surpassed, the asset enters blue-sky territory with no obvious resistance overhead, allowing it to rally much more freely than during the process of digging its way out of a correction.
It’s also important to remember that we are still deep in the dog days of summer, with trading volume across the financial markets remaining very light and trading conditions unusually thin, which tends to amplify reactions to economic data and headlines. Once summer ends and volume begins to normalize in September, I believe the odds of a successful and sustained rally will greatly increase, as volume is the lifeblood of the financial markets.
Gold & Silver Breakout!
To listen to the always brilliant Tavi Costa discuss why gold is surging strongly and what to expect next from gold, silver and the mining stocks CLICK HERE OR ON THE IMAGE BELOW.
JUST RELEASED!
To listen to Alasdair Macleod discuss the historic upside breakout that just took place in gold, silver and the mining stocks as well as what to expect next CLICK HERE OR ON THE IMAGE BELOW.
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