Gold prices continue to trace out a reverse head and shoulder formation, which is associated with a large breakout on the upside. The fundamentals and the technicals both point to a coming upsurge in gold prices. This is confirmed by the rising price of silver (about twice as much as gold in percent) and also the rise in oil price.
Gold had reached and closed above the critical price of $1160/oz then backed off slightly and is on the rise again. Oil hit $86/bbl then sold back to $80. As I write this, gold is again reaching for that $1160 mark, while oil is near $84/bbl. Experts give us several opinions. The believe that gold will set new price records this year and that oil may close above $94/bbl.
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