A few weeks ago the “Power of the Pattern” was suggesting the next key upside price target for Gold was $1,900, per the chart below. (see post here) 

 At the time of the post, Gold was priced at $1,641.  Did $1,900 seem unrealistic less than 3 weesk ago???  Gold has added over $200 per oz since the chart below.


Well as many in the States wake up this morning…We “are pretty much there”… as Gold hit $1,878 in early market hours.


As can been seen in the above chart, during the last 9 years, each time Gold has hit channel resistance, it has backed off for a while, until it found support at the bottom of its rising channel.  The largest percentage decline during the last 9 years took place at (2), during the 2008 financial crisis, when the “Great Escape” took place. (see Great Escape here)

I shared back in May that one of the largest risks to investors was the “Great Escape” taking place again!  What did the “Great Escape” look like in the past? 

Investors just wanted out of everything….. U.S stocks, Global stocks, Grains, Live stock, Silver and even Gold.  I’m sure glad nothing like that will ever happen again!  😉

I have received numerous emails asking a great question…. where does the next key resistance for Gold come into play if the 261% Fibonacci level/ channel resistance doesn’t hold? If Gold breaks above channel and Fibonacci resistance the next Fibonacci Expansion/Extension level comes in around $1,000 higher.  Could Gold reach this target?  Sure!!! 

Suspect two things…..A break of the $1,900 level would see Gold add another 20% to its price in no time and the world might have a couple of new challenges on its hands! 

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past