XAU - GOLD MAKES ALL TIME HIGH, THEN LOSES IT FAST
Gold made an all time high, an astounding accomplishment for one of the world's oldest assets. It briefly broke above $2081, hitting a high of $2146. It was immediately smacked back down, not only below the all time high, but back into the trading range below $2075.
Gold bulls do NOT want to see another sweep of the highs with a long wick. They want to see continuation and a weekly close above the previous all time high.
Many analysts believe that gold is heading quickly to $3000 if it can hold above the highs... and that this would be the harbinger of bad economic times.
Gold bulls do NOT want to see another sweep of the highs with a long wick. They want to see continuation and a weekly close above the previous all time high.
Many analysts believe that gold is heading quickly to $3000 if it can hold above the highs... and that this would be the harbinger of bad economic times.
scott.melker@texaswestcapital.com
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