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Gold: Not even 2 months and here we stand

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Our mid-December Gold report clearly laid out what was coming for the commodity in 2016. In what looked like an unlikely rally to most, it has rallied 5% since. So far the story has worked out as we expected. But now comes the real test for Gold prices as it reaches the confirmation line we delineated in our December 2015 report. We reproduce the scenario in the chart below:

Gold

As the prices approach the 2-4 line, it will be the real test for this uptrend in 2016. Specifically if prices break above the 2-4 line our ending diagonal pattern from the December report will be confirmed and our 2016 price targets activated. If however the prices have to develop another leg down (within the ending diagonal pattern) this would be the ideal place for the prices to reverse. Specifically 1133-1142 zone may turn out to be a make or break zone for the precious metal and a reversal from here may lead to development of another leg down towards the 3-5 line. In absence of any such development we stay on course for achieving our targets for Gold in 2016.

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