(Kitco News) –The weekly continuation chart for nearby Comex gold futures shows a 2.5-year-old price downtrend has been negated with the recent upside price action. Prices have pushed above the last “reaction high,” on the weekly chart which was the autumn 2015 high of $1,191.70, to negate the uptrend.That’s a solid longer-term technical clue that a market bottom is in place and that prices can now trade at least sideways, if not sideways to higher, in the coming weeks and few months.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff
