Long term gold analysis based on 1 year ago. History.
One year ago this day, Gold was at $1080 levels, we are at $1180, $100 higher. With the dollar near year highs (sound familiar?), and hitting a year high on December 2nd and double topping on December 3rd before Janet Yellen spoke (read her comments, follow link at bottom). Gold hit year low at $1047 and double bottomed on December 17th. Rate hike was on December 15th (wasn't too much to see there). We could see lows in gold around the same level in the next week, $1145-55 Rate hike was on December 15th (wasn't too much to see there). If history is to repeat itself, I would look for long positions in the next week, in preparation for $1470+ over the next year.
December 3, 2015, 10:00am Fed Chair Speaks:
mam.econoday.com/byshoweventfull.asp?fid=471593&cust=mam&year=2015&lid=0&prev=/byweek.asp
December 3, 2015, 10:00am Fed Chair Speaks:
mam.econoday.com/byshoweventfull.asp?fid=471593&cust=mam&year=2015&lid=0&prev=/byweek.asp
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