Gold prices are bouncing back after a weak third quarter. Analyst Larry Edelson writes that the yellow metal could soon surge to $1,400/oz or higher.
Gold’s on the move again, and this time, it’s ready to rocket higher. Here’s my latest Artificial Intelligence model forecast for gold:
As you can see, we got the low right on time, on October 7. A bull’s-eye.
And now, gold is already trading at $1,271, roughly $30 off its October 7 low.
So what will cause the next leg up in gold? And how far could it go?
It’s a bit too early to answer the second question, but let me address the first:
There are any number of forces that will drive gold higher. One can only guess. There’s …
- The elections
- Germany and Deutsche Bank
- Some other black swan
For right now, keep your eye on support at the previous low in gold at roughly $1,242. Look for initial resistance at the $1,275 level.
A move above $1,275 would be very constructive and a move back above $1,300 on a closing basis would pretty much cement a rally toward the $1,400 level.
You don’t want to miss this rally. It’s the second leg up and typically, that’s the strongest. Members to my active trading services are already long gold and miners. They’re set to profit, so why shouldn’t you?
The SPDR Gold Trust ETF (NYSE:GLD) was unchanged in premarket trading Thursday at $121.11 per share. The largest ETF tied to the spot price of gold bullion has risen 19.37% year-to-date.
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