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Resistance

from TF Metals Report:

Yes, I and many others expect a rally…a significant rally…in the 2nd half of this year. So this post is one to bookmark as we’ll discuss the various points on the chart where we can expect resistance to emerge. (It’s also a cheap reason to post this video again).

Let’s start with gold. For a plethora reasons, gold will NOT be breaking down through The Double Bottom low of $1180. It will. instead, reverse course by later this month and then begin a slow-momentum build through the 2nd half of 2014. First and foremost, gold must cross these two red lines on this daily chart:

But we’re just getting started, though, and if gold is indeed going to rally all the way to $2000 and beyond, we certainly can’t expect just an endless series of UPticks. There will be stopping points along the way where “overboughtedness” will need to be worked off before the trend can continue higher. (“Resistance points, you seek. Searching for stopping points, you are.” — a little Yoda love for you.) On this weekly chart, quite a few lines emerge. The first major line of resistance will be at $1320. After that…well you can see where it’s not going to be easy.

Read More at TFMetals.com

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1 comment to Resistance

  • mickeymoist

    Be careful. Turd has a well documented track record for having no idea where the market’s heading. He thought $32 was the floor, then the classic “no way Silver goes below $22.” The funny thing is, Turd’s entire Cult is underwater and yet he refuses to turn off the pump.

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