An Echo of First Quarter 2016 Gold Rally?
Updated
2017 is starting off with an eerie familiarity. Notice at the beginning of 2016 Gold rallied from $1061 to $1108 then corrected down to $1078 and then began the next big leg up to $1246. This big leg up started right around January 20th. In 2017, January 20th will be the Presidential Inauguration Day.
Note
it looks like we did not repeat what occurred in January 2016. At this point Gold could be headed for $1240 before a pull back.Note
Just a note: many tradingview members were convinced that once Gold broke the channel it would be headed down. This type of short-term view on Gold has a greater chance of failing due to the nature of what Gold is as an asset class. Long-term charts tend to fare better in their ability to predict price.
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