The price of gold had another major breakout today, here are the short-term new upside price targets.
Gold Breakout
May 17 (King World News) – Top Citi analyst Tom Fitzpatrick: Gold decisively broke above a quadruple resistance range at $1846-$1865 (falling trend line, rising channel top, 200 day MA and the Feb 10th 2021 high,) which leaves the double highs from late Jan 2021 at $1875-$1876 at a danger of being tested in the near future with increased momentum on the topside.
Above here, we have very little notable resistance until the 2011 high at $1921, and a weekly close above this level, if seen, would suggest that the gains should accelerate towards the highs from Nov 2020 and Jan 2021 at $1959-$1966…
To hear Sean Boyd discuss $3,000 gold and the big game-changer
for the gold market CLICK HERE OR ON THE IMAGE BELOW.
Back To The $2,075 High
Finally, a daily close above the latter resistance range would signal that the precious metal is ready to see the last leg of an aggressive rally to test the trend high from August 2020 at $2075.
***To listen to James Turk discuss the key breakout numbers for gold, silver and the mining stocks as well as where the prices of gold and silver are headed long-term CLICK HERE OR ON THE IMAGE BELOW.
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