Gold must close above this key level to signal new bull market unleashed.
August 17 (King World News) – A small portion of the latest from the always brilliant Jesse Colombo: After rebounding sharply from its $3,900 to $4,100 support zone and breaking above the downtrend line that had been in effect for much of the 2026 correction, gold is now firmly within 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.
This recent price action is all very encouraging, and there is a strong likelihood that the correction that began in January is now over and that gold, along with precious metals in general, will resume its long-term bull market through the end of the year and beyond. That said, I would like to see gold completely push above its $4,300 to $4,600 resistance zone for even greater assurance that the correction is indeed behind us.
Colombo Says Gold Needs To Break Above $4,600 To Assure The Correction In Gold Has Ended
As I said in my midweek update, gold became a bit extended after its 8% rally since the start of August, and I recommended that traders be cautious and avoid jumping in aggressively, if not already long, until a shallow pullback or consolidation occurred. Sure enough, that consolidation began during the last few days of the week and probably needs a bit more time to develop.
This is all good and healthy behavior that is setting the stage for the next leg of the rally, and a breakout from this consolidation should provide another solid opportunity to get on board. I will notify you when that occurs.
As a reminder, I firmly believe that precious metals and miners are in a long-term bull market that began only in April 2024 and has at least another eight years to run based on historical cycles. I believe the January-to-August correction was merely a healthy pause within that bull market rather than the beginning of a new bear market. Read my report from a few days ago, where I explained this thesis in detail.
$180 Silver
To hear how high Nomi predicts the price of gold and silver will be next year CLICK HERE OR ON THE IMAGE BELOW.
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