A New Buy Signal for Gold Gold’s technicals improved markedly in the last week of February, when it posted a bullish reversal. Gold’s rally isn’t over yet. In the Oct. 17, 2023, issue of the Institutional View, I highlighted the metal’s powerful bullish reversal from its support level of $1811 an ounce. After gold hurdled $1940 without breaking below $1900, my work generated a Buy signal for the metal. Then, in the Dec. 29 issue of the Institutional View, I downgraded bullion to a Neutral $2065, and I recommended that clients sell and take profits. Why? Because gold reached $2135 intraweek but was unable to close the week above $2100. During the last week of February, gold’s technicals improved markedly when it posted a bullish reversal—a higher high than the prior day, a lower low than the prior day, and a close above the prior day’s high—off its 50-day moving average (see chart above). With its close above $2041 on Feb. 29 (it ended the day at $2046), gold hurdled the downtrend from $2135, generating a Buy signal at $2046, as reported in the Feb. 29 Institutional View. The weekly chart above shows that gold broke out of a four-year rounding base to begin a new bull market. Closing above $2220, it would accelerate and climb quickly to $2400. It’s the monthly chart above that’s the most exciting. Within a 12-year base, gold formed successively higher and shorter high-level consolidations at the top of the base. This illustrates that selling pressure continues to weaken as buyers begin to take control. Once gold has a monthly close above $2200, then my work would generate upside projections of $3600 to $4000. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Gold & Silver Mining Stocks Exposed: Long-Term Reality Revealed READ MORE The Silver Institute: Demand Soars to Near-Record Highs in 2024 READ MORE Household Debt Climbs but Economy Shows Signs of Robust Growth READ MORE Gold hits fresh record as rate cut hopes build after data shows inflation ease READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment