Austrian EconomicsEconomic News

James Turk: Gold Should Hurdle $1700 In Days, But This Will Be The Big Surprise

james turk gold should hurdle 1700 in days but this will be the big surprise

“This chart of Jun’20 gold futures is powerful, Eric. It’s the chart I mentioned in our KWN interview that you just posted on the weekend. 

My experience has been that head-and-shoulder patterns are usually reliable. The chart pattern is not yet complete. That won’t happen until gold hurdles above the neckline around $1680 or so.

Reverse Head & Shoulders Pattern On Gold
Points To A Massive Rally

The Big Surprise

Nevertheless, though incomplete the pattern now being formed is communicating a clear message. Gold is forming a huge base of accumulation, and bases like these result in higher prices, which signals the margin liquidation in the gold market has ended. 

Looks like it should only be days before gold hurdles $1700. But the big surprise for investors will be that when this happens the gold market will see new record highs above $1910 very quickly…

The head is usually formed at a selling climax, and we just went through one of those. 

The recent low in the gold price was reached as a result of liquidation and forced margin selling as a consequence of too much debt in our world’s over-leveraged financial system. 

The low in the gold price was not the result of any deficiency or problem with gold. Gold is still a safe haven because physical gold does not have counter party risk.

– Source, King World News

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