Precious Metals Update: Gold Triple Top Suggests Upside Pop – Investing.com

Precious Metals Update: Gold Triple Top Suggests Upside Pop – Investing.com

We begin by quoting the late Hervé Villechaize as Nick Nack in the film 'The Man with the Golden Gun' — [United Artists, '74]: "So near... and yet so far..."

Such was 's quest this past week in attempting to regain our anticipated near-term price of 1800: Wednesday's high was 1798.4; Thursday's high was 1798.1; and Friday's high was 1796.3. Admittedly, those are (barely) consecutive lower highs. "Growl!" goes the bear. But to look at three tops graphically...

Gold Chart Week of April 19-23

...that has "Triple Top 'n Pop" written all over it. And you already know from your dog-eared paperback copy of 'Traders' Truthful Tenets': "Triple Tops are meant to be broken!" Thus we look to 1800+ in the new week and in turn the opportunity for Gold's weekly parabolic trend to flip from Short to Long at 1820. "Roar!" goes the bull.

Animal audibles aside, Gold settled Friday at 1777, (a whopping one point net loss for the week). Moreover, 'twas Gold's third consecutive week of recording both higher lows and higher highs. To which the contrarian may say: "Well, it has to go down then." To which the trend follower may say: "There have been six, seven, and even eight