Spot Gold Extends Its Gains Amid Growing Uncertainty, China Concerns, and a Weakening US Dollar

Below is what we discussed yesterday. just as Spot Gold was breaking above key resistance at $1090.

Today's strength has extended the upside thrust to $1109, in route to a confrontation with the declining 200-Day EMA, now at $1132.

At this juncture, only a decline that breaks beneath $1077 will begin to compromise upside continuation. MJP 1/07/16

Today, Spot GOLD has thrust above key near term resistance at $1090, which completes a Nov- Jan initial bottom pattern, but represents a potentially important low in the aftermath of the long bear phase off of the Sept, 2011, high at $1921. My next upside target is $1120/30. Amid increasing geopolitical turmoil and investor uncertainty, the justification for holding (more) GOLD as a hedge against the unknown is increasing. MJP 1/06/16

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!