UBS sees gold rising to $5,000/oz by first half of 2027
Prices successfully negotiated the Lower Tine support last month of the Aug 2016 - Dec 2016 Schiff Pitchfork despite two consecutive closes below the Tine (currently 363 3/8).
I would note that the second close was actually higher and therefore gave a clue as to its strength in that direction. I have also widened the parallel Channel Lines based on the Oct 2016 - Feb 2017 action so that we have almost a three pointer uptrend (currently 361).
I would now like to point out three items on the Daily Chart above that deserve contemplation. We have at first the Double Top of the late Feb going into early Mar action. That is fine, it works.
Secondly, we have a similar pattern possibly emerging these last two weeks as we approach the same resistance of the 380 area. It is not fully clear but it may be there. Finally, what is the whole of the 2017 action is a Double Top with the smaller DTs each making their own spike...this could be seen as an Eve and Eve DT. It is worth considering, though it goes against the recent Bullish action and direction from as far as the middle of last year. It is still noteworthy.
Support is currently at 369 7/8, 366 33, 365 1/8, 364 33 - 363 5/8 (dynamic), 361, 356 34, 355 33 & 353 34.
Resistance is at 374 %, 376 34, 377 34, 380, 382 l/8 (dynamic) - 382 7/8 & 386 1/8.
With all MAs pointing higher, I feel obliged to give the fully bullish bullet point above.
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