We are finally getting the breakout:
As widely covered here before, the physical Gold market remains incredibly resilient and first targets come into play at 1595:
Expecting another relative breakout versus S&P in 1H20:
On the mining side :
For those tracking the end of year positioning flows for 2020 Q1, reflationary risks are around the corner!! After months of choppy waters , finally bulls are emerging from beneath the woodwork as we begin the flows towards 1650. I stick to my average forecast of $1650 and expect Gold to hit $1595, $1650 and $1800 on a 6, 12 and 24m basis. This is my final target in the 5 wave swing, afterwards I will expect Gold to enter in consolidation via profit taking.
Thanks for keeping the support coming with likes, comments, charts and etc. And as usual the comments are open for all.
A flawless leg higher right on time for Christmas. Enjoy the holidays, business resumes on Thursday NY session. We have lots to cover with a busy 2020 ahead both marketwise and on @ridethepig front.