Judging from the depth of the cup we can expect gold prices to go up the range of 1,450 to 1,500. Here is an analysis of the moves that preceded the breakout:
We see two trend lines (both down) before the breakout. There was a break above the lower trend line in the middle of May, but that turned out to be a false breakout. The current breakout, however, is decisive.
Could the FED or the BIS squelch this breakout? Experts say that is doubtful. The breakout signifies a fundamental change in the flow of money. Expect a drop overnight as some traders take profit.
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