Gold Closing Week Above $1300. Is This Significant?
Two significant events are occurring in the gold market in my opinion.
Gold broke out of the long term down trend line that goes back to 2011
A weekly close above $1300
Does this mean the bull market is now in full force with the next stop $1500? I think it's premature to say this, but I do think these two events are significant in the precious metals sector.
Whenever manipulation is involved nothing is certain. With events like the debt ceiling and possibly no more rate hikes in 2017, there could be case for the metals going higher from here.
I don't have the answers but this is why we're in the sector, right? 😀
This is not investment advise.