On the heels of King World News warning on Tuesday that the gold market may correct in order to consolidate recent gains, the price of gold is trading nearly $20 lower on Japan’s TOCOM. But here is a look at the big picture from one man that says gold may retest its record high of $1,921.
Gold May Retest Record High Of $1,921
June 26 (King World News) – From CNBC: “Bigger picture though, given the magnitude of the base which has taken six years to form, we suspect we could even see a retest of the $1921 record high,” David Sneddon, global head of technical analysis at Credit Suisse, said in a note to clients on Monday.
Credit Suisse: Gold May Retest Record High Of $1,921
Expect “Long-Lasting Rally” In Gold
Sneddon said gold has established a multi-year base that could provide the platform for a “significant and long-lasting rally” for the precious metal.
“Significant Catalyst For Gold To Extend Its Gains”
“We have finally seen more conclusive signs of the USD starting to materially weaken,” said Sneddon. “With the DXY removing pivotal support from its 200-day average to complete an important bearish ‘wedge’ reversal, which should provide a fresh and significant catalyst for Gold to extend its gains.”
The Big Test For The Gold Market
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Michael Oliver worked directly with the Chairman of the COMEX in the 1970s bull market in gold and silver and he also called the 1987 stock market crash!
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