from King World News
Today legendary technical analyst Louise Yamada just sent King World News an interim update announcing a historic breakout in the gold market. Yamada has been correctly calling the moves in the gold market for years and this is a major change in her directional call for gold.
By Louise Yamada, Founder of Louise Yamada Technical Research Advisors
March 3 (King World News) – INTERIM UPDATE Gold Breaks Out
GOLD BREAKS OUT
The growing concerns over negative interest rates may be pushing investors toward Gold Spot price (GOLDS- 1,247.10), even though there was only a small accumulation in place as noted in our February write up. Gold price has now exceeded the 200-day Moving Average (MA) and additionally has penetrated both 1,200 first resistance and the 2013 downtrend, and lifted to the first higher high above the October and May 2015 peaks (see upper arrows below on Figure 1)).