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Gold Price Leapt Straight Up to $1,705, Next Resist at $1,725, $1,750 go to $1.800

Gold Price Leapt Straight Up to $1,705, Next Resist at $1,725, $1,750 go to $1.800
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WAS an upside down head and shoulders on the GOLD PRICE chart. Once gold cleared that $1,660 neckline about 10:00 a.m. (taking off with a runaway gap) it never even paused until $1,685, took a deep breath, then leapt clean to $1,705. Friends, by the time the janitor pulled out the broom on Comex, the GOLD PRICE had added $48.10 (2.9%) and stood at $1,699.60. In the aftermarket it's shoving against $1,705 resistance.

Y'all see how those government surprise parties can mess with markets? Gold was building a rally anyway, but that goose from the dithering Eurocrats really put power behind it.

Measured target for this rise is $1,715, but as long as that European party is raging, gold can keep on rising. $1,725 stands next resistance, then $1,750, then the big heart-stopper at $1,800.

I still expect we will see another decline for a final kiss goodbye to the September lows (not that the price will reach that far necessarily, only that a double bottom will appear), but for right now y'all don't stand in gold's way, unless y'all want everybody to think you've left the room when you turn sideways.

One last thing: y'all watch that 50DMA, now at $1,742.82. The GOLD PRICE might stop there. Also keep an eye on $1,775, where gold collapsed in September. Gold might reach that point, too....READ MORE

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