Gundlach says gold has “explosive potential energy”

Reuters/Jennifer Ablan/4-24-2018

“[Doubleline’s Jeff] Gundlach said gold prices, which have broken their downtrend line, were on the verge of breaking out to the upside. ‘It’s getting almost exciting … something big is happening,’ he said. ‘Gold is maintaining an upward pattern above its rising 200-day moving average, which is extremely good,’ he added. Based on classic chart reading, Gundlach said an ‘explosive, potential energy’ of a huge ‘head-and-shoulders bottom’ base was signaling a move of $1,000 in gold prices. ‘I’m not predicting it … I’m letting the market prove itself,’ he said.”

MK note:  Interesting in these unpredictable times that the “bond king” would become one of gold’s greatest proponents.

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