Gold Price Hits $1,349.80 — What’s Next? The rally in gold should continue and depending what comes out today in the Fed minutes, it could break out again. By Todd Horwitz, Bubba Trading

 

Gold exploded on Tuesday along with copper. In the overnight session, gold has achieved our $1,350 target by making a high at $1,349.80, which is the same as $1,350. The question now is: What’s next?

cThe rally in gold should continue and depending what comes out today in the Fed minutes, it could break out again. Our next target is $1,400. We expect the new bull market in gold to continue. However, we don’t expect a straight line up and look at yesterday and today as a possible blow-off to the upside.

It would be no surprise to see some selling pressure in gold the next few days and that would be very healthy for the market. In blow-off conditions — heavy volume and parabolic prices — those conditions must be relieved. This can happen one of two ways — a sell-off or consolidation. We are bullish but expect gold to slow down here for a period of time.

Wednesday February 20, 2019 07:51

By Todd ‘Bubba’ Horwitz

Contributing to kitco.com

Financial Markets and Political Commentary
 

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About the author

Todd Horwitz - Author of “Average Joe Options“. Todd began his trading career in 1980 at the CBOE. He was one of the original traders in the OEX & helped start the SPX. He is a member the CME where he trades S&P futures as well as foreign currencies & is a regular contributor to CNBC, Bloomberg, BNN, Fox & many other major news networks.