An industry expert says that we are on the cusp of the next gold breakout – one which will see the precious metal ascending to 2011 levels. That means $1900 and above could be a reality in the very near future.
Technical trader, Peter Reznicek who is the Head Trader at ShadowTrader.net says, “If you go back twenty years or so, to the beginning of 2000, there’s an amazing up trend that has had a relatively small pull back in… we’ve only started to see the breakout from that in mid 2019 and that’s the rally that’s underway now. We’re really just breaking out of that rounded bottom pull back type pattern. So I think it looks fantastic [for gold].
“Right now, the first number that we really need to cross is $1613 – there was a spike there that happened early in 2020, on January 8th. January is really just the first month of breakout from a four month pattern… the end of 2019 was really just consolidating that summer move and now is the first month breaking out of that move… I wouldn’t be surprised if February is another bullish month and we just keep this rally moving. I’m looking for $1923.”
Interestingly, Reznicek says he isn’t one to make long range forecasts, which could mean the 2011 highs and a bull run to $1923 will happen sooner rather than later. Buy now to make the most of this breakout.