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The monthly graph shows a breakout above resistance on a close-only basis. The prior resistance is now support. A near
near
term rally back to $2100 is expected. The stop is $1880. With the prior resistance now being support, and given the objective, we have a very favorable reward-risk situation.
The monthly cycle hit a low at the end of the last month. The technical picture is constructive. There are higher lows in momentum weekly and a very oversold condition. This projects $2300 over the coming months, likely by June-August.
The last chart is a picture of caution; this is a favorable sentiment indication. The rally has not created excess optimism
optimism
which would be the sign of a top.
Monthly Gold-Closing Prices
This is a breakout to the upside.
Read Related Also: Progress On Inflation, But Recession Worries Remain
Cycles Research Investments LLC
Monthly Gold Cycle
This cycle points to a June top.
Cycles Research Investments LLC
UGL/GLD
GLD
Ratio
This is not a picture of excess optimism.
Cycles Research Investments LLC
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