“Ab Normal” decline in Gold this week? No Way!!! Next support is…

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Is it "Ab Normal" for any asset to take a breather after a 10-year run up? Nope!  Is it "Ab Normal" for any asset to retrace 38% of a multi-year move? No Way!!!

The chart above reflects a quality 10-year rally in Gold, as it has stayed within this rising channel, hitting the top of the channel on August of 2011, when GLD became the largest ETF in the world!  Crowded Trade at that time? You Bet!!!

The Power of the Pattern shared it was time to harvest/protect Gold holdings within days of the all-time high in August of 2011.  (Crowded Trade)

The above chart reflects the next natural support zone for Gold, coming into play around the $1,200 to $1,300 level.  The chart below reflects a few other support lines around the same price zone.

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I shared two months ago that Gold could fall to the $1,300 zone (see post here) and we offered a free report for the Power of the Patterns target for Silver. I was honored and humbled by the huge request for the report on Silver support targets.  If you didn't receive this report, email us at services@kimblechartingsolutions.com and in the subject line put "Silver Support targets" or click on the box below and we will send you the "Silver Support Targets report."   

 

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