Gold setting up major bottom so could we see a breakout rally soon?

Technical Traders/Chris Vermuellen/2-17-2021

Repost from 2-17-2021

graphic image of lines in the sand pointing higher“My research team and I believe the recent downside trend in Gold has reached a support level, near $1765, that will act as a launching pad for a potentially big upside price trend. This support level aligns with previous price highs (May 2020 through June 2020) after the Covid-19 price collapse, which we believe is an indication of a strong support level.  As you can see from the Gold Futures Weekly chart below, if Gold price levels hold above $1765 then we feel the next upside rally in metals could prompt a move targeting $2160, then $2400.”

USAGOLD note:  A ray of light in an otherwise bleak setting from Mr. Vermuellen …… but first, he points out, $1765 must hold.

USAGOLD note (2-22-2021-AM): Half-hearted no more………Gold and silver staging strong rallies at mid-morning (MT). Gold bouncing off lows indicated by Vermuellen above warranting a repost. With nothing fundamental surfacing as yet, this morning’s upside appears to be the result of a technical rally and short-covering touched off by strong pricing in the commodities sector – oil up +3%, copper up +1.5%. LME Index up 2.96%……

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