Gold - A long Term Price View
The Gold Chart - Monthly Candles, The Fibonacci is drawn between 2011 high and 2015 low.
At present Gold is attempting to break the resistance at $1376 which also coincides with 0.618 on my Fibonacci scale. This has vestiges all the way back into 2010. This is a strong resistance point on the chart.
If/when Gold closes over $1376 then there is little resistance until $1478 which appears to be a profit taking opportunity, with a retrace back into the area of $1400 followed by a strong leg up to the $1700 area.
Ultimately, the chart seems to indicate Gold in the area of $1700 to $1750 in early 2021.
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Isaac
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