Gold: 1535 Coming Up. 1550 Near-Term But Not Quite Yet.We have clearly surpassed the 1515 line that I predicted by my lonesome yesterday, and we will now be off to re-test our high before the correction (1533-1534). Once we initially re-test this value, we will likely quickly re-trace to about 1525-1528 and then a few hours later end up surpassing 1533-1534.
Once we top this value, my next major target will be 1550. Based on the fact that we had a major correction from 1533 to 1484 not too long ago, it is unlikely will we see a large retracement. There is a potential we retrace from 1580 to 1550, however. From that point, I expect a movement to 1600. Once we top 1600, you can expect large moves to the upside.
As I always say: focus on the geopolitical and political headwind domestically and globally. For those who are perpetually bearish on Gold and Silver, the answer is simple; people have no clue how to trade metallics. Those who are perpetually bearish are only as so because they cannot believe Gold and Silver are set for historic runs. Instead, they fail to focus on the reasoning behind their runs and paint metallics as a typical stock.
Remember..Gold and Silver never move linearly. Be patient.
- zSplit
