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What trend-line analysis suggests gold prices will be on Jan. 1 - brace yourself

Posted by David Ogden on June 25, 2020 - 5:03am


What trend-line analysis suggests gold prices will be on Jan. 1 - brace yourself

I don't like to beat around the bush and I'll bet you don't either. So, let's make this quick. Nearby Comex gold futures hit a 7.5-year high of $1,783.10 Wednesday. The August futures contract hit a high of $1,796.10. The all-time high in nearby gold futures was $1,920.70, hit in September of 2011.

Take a gander at the weekly continuation chart for nearby Comex gold futures. Prices are in an accelerating uptrend as seen by the three trend lines that get progressively steeper. Trend-line analysis, using the latest, steepest trend line, projects the following prices in the following timeframes: Sept. 1--$1,886; Nov. 1--$2,040; Jan. 1--$2,213.

Of course, technical chart analysis is an imperfect art. However, most of the “smart money” in the marketplace will attest that studying technical price charts provides more trading success than solely examining supply and demand fundamentals in a market.

Jim Wyckoff

tatana Tatiana Yarushina thanks for sharing
July 2, 2020 at 2:01pm
Simon Keighley Gold has always been the safe-haven in uncertain times & market turmoil David - These weekly trend lines highlight Gold's bullish run. Thanks for sharing.
June 25, 2020 at 10:11am
M H Thanks for this info, David
June 25, 2020 at 6:11am
Tim Moseley Skyrocketing gold prices = decline in the purchasing power of the US dollar. Could be great for crypto too!!
June 25, 2020 at 5:33am
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