Our cycle work maintains a bullish advance into March that should propel gold to approximately $1700 before the next meaningful correction.
Consolidation Nearly Complete
The mid-cycle consolidation that began in January is almost complete. Some consider this a running type because of the upward bias (similar to July), I agree. A daily close above $1600 in the coming days will trigger the next advance to around $1700 before prices enter a more severe correction.
Typically, these consolidations end with a bang resulting in a $20.00+ up day in gold. Potential triggers for such an event are Friday’s retail sales, a spike in the coronavirus over the weekend, or next week’s FOMC minutes.
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more information, please visit https://goldpredict.com/
This article was originally posted on FX Empire
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