Articles
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Gold Price Pullback to Give Way to Fresh 2017 High in 2Q
Last quarter we highlighted th at gold prices had approached a “critical support confluence in late-December at 1220/30- a level defined by the 161.8% extension of the decline off the yearly highs, the 76.4% retracement of the advance off the 2015 low, the 2014 low and the lower parallel of the embedded descending parallel formation. Note that the lower-median-line parallel extending off the 2015 low comes in just below and the immediate downside bias is at risk into this key region.” That, in fact, turned out to be THE low in gold with prices ripping higher into the start of the year.
The precious metal up nearly 11% off the lows and more than 8.25% quarter-to-date, marking the largest quarterly advance since 1Q of last year (+16%). Note that 2016 saw two of the largest quarterly ranges in three years and when put in the broader context, this quarter remains well-within the confines of the 4Q trading range - as such, we may yet see some consolidation before the next big move, especially as prices target a key resistance confluence just higher at 1278/79.
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