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Friday, 14 June 2019
Gold Daily Chart Technicals: 14 June 2019, Friday
Gold Daily Chart Technicals:
14 June 2019, Friday (Click on the Technical Chart Above to Expand)
Attached is the Technicals for Gold. Gold (by extension, Gold ETFs as well) has formed a large inverse shoulder head shoulder formation (Inverse SHS). This is a large accumulation below the neckline band in red ($1346.90 to $1364.90). A breakout of this resistance, which it would, will send Gold for immediate target of $1534 per ounce before it will consolidate at the guaranteed target of $1550-$1600. Gold will then make a base at around $1500-$1550 before it will proceed to break up $2000 an ounce again. This move will be in tune with the secular cycle of Gold which I had been preempting. A break above $2000 is also a guaranteed target because the re-accumulation base built over the last 6 years is very large.
The Donovan Norfolk Technical Rating:
Bullish short term, mid term and long term.
Gold and Gold ETFs are a buy.
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