Gold reaches ludicrous speed

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Soon

Momentum in gold is beyond impressive. As we have been pointing out for weeks now, the current break out has a lot of similarities to the break out we saw earlier this year. That move saw gold gain some 28% before we paused. Apply the same “logic” to the current move and we are looking for gold to reach around $4300. It would almost be too perfect, as we would hit the upper part of the trend line.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.