by Craig Hemke
Sprott Money
There are many signals we can use in our search for THE bottom in COMEX gold’s seven-month consolidation. Let’s explore a few of those today.
First, let’s note that the current consolidation, though long and grueling, is just a simple basing and flagging phase on the long-term charts. While the past few months have been no fun at all, the long-term picture remains very solid and projects gains to at least $2300 per ounce in the next up leg.
[…] On the daily chart, note that price bounced from the same $1680 level that had served as strong support from April-June in 2020. Be sure to also note that $1780 served as stout resistance during that same time period, so any decisive move now back above $1780 and the purple “bull flag” line should indicate that THE bottom has been reached.