In August 2018, gold carved out the bottom outlined via this projection published in the August 29 Profit Radar Radar Report.
Gold appears to have finished the first leg of this rally on February 20 at 1,350, which was followed by a 70-point drop.
The March 10 Profit Radar Report featured this gold chart, which projected a rally to about 1,320 followed by a drop back into the 1,250 range.
Gold made it as high as 1,325. As the updated chart shows, price dropped below the short-term black trend channel today (red arrow).
This is the first indication trade should work towards our buy target. The coming days will hopefully bring further confirmation.
Popular gold ETFs include:
SPDR Gold Trust (GLD)
iShares Gold Trust (IAU)
Continued updates are available via the Profit Radar Report.
Simon Maierhofer is the founder of iSPYETF and the publisher of the Profit Radar Report. Barron’s rated iSPYETF as a “trader with a good track record” (click here for Barron’s evaluation of the Profit Radar Report). The Profit Radar Report presents complex market analysis (S&P 500, Dow Jones, gold, silver, euro and bonds) in an easy format. Technical analysis, sentiment indicators, seasonal patterns and common sense are all wrapped up into two or more easy-to-read weekly updates. All Profit Radar Report recommendations resulted in a 59.51% net gain in 2013, 17.59% in 2014, 24.52% in 2015, 52.26% in 2016, and 23.39% in 2017.
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