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Technical analyst Chris Kimble takes a second look today at Gold.
Chris comments: Multiple bearish technical patterns are taking place for gold right now, a rising wedge, Fibonacci resistance, not to mention bullish sentiment above 90%.
Does this mean that the "Power of the Pattern" will win again? Odds say yes, yet rising wedges are incorrect 35% of the time and investors should have a plan if gold overpowers the patterns.
If gold breaks above this resistance, the Fiboncacci expansion price target for Gold would be around $1,800 per ounce, about a third higher than current prices.
Should this breakout take place, even though gold has done well for the past few years, we'd be looking at yet another new leg up for Gold.
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