Gold Rally Underway, But First Test Dead Ahead
By Ben Lockhart
Summary
- It appears that we have formed or are very close to forming a swing low, and our rally may now have started.
- To confirm the low is in place we need to move higher than $1243, and the rally should then take gold to new local highs.
- Recent announcements show that cracks have begun to appear in the mining industry as a whole, and we may see the supply side economics change (necessarily) in this next year.
In my article a couple of weeks back I stated that although I am firmly in the camp that believe lower lows will be achieved in the gold (NYSEARCA:GLD) price, I don’t think we have achieved the prerequisite bullish confidence levels to elicit such