Gold Forecast – Gold Price Approaching Bullish Breakout
- Date: 17-Feb-2022
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Gold Forecast – Gold Price Approaching Bullish Breakout
Technical Summary: A daily finish in gold futures above $1880 would support a slingshot move higher (including silver, platinum, and miners) over the next 4 to 8-weeks.
GOLD FUTURES DAILY: I think we will know if gold is breaking out within the next day or two. Futures must continue to hold support between $1845 and $1850. A close above $1880 would recommend a significant breakout. Note: the next low isn’t due until mid-April.
PLATINUM FUTURES DAILY: Platinum futures are trading back near the $1050 level. A continued rise above $1050 that extends through $1065 would support a bullish breakout towards $1300 over the next 4 to 8-weeks. Whereas closing back below $1000 would promote more downside consolidation.