2017 is starting off with an eerie familiarity. Notice at the beginning of 2016 Gold rallied from $1061 to $1108 then corrected down to $1078 and then began the next big leg up to $1246. This big leg up started right around January 20th. In 2017, January 20th will be the Presidential Inauguration Day.
Comment:
it looks like we did not repeat what occurred in January 2016. At this point Gold could be headed for $1240 before a pull back.
Comment:
Just a note: many tradingview members were convinced that once Gold broke the channel it would be headed down. This type of short-term view on Gold has a greater chance of failing due to the nature of what Gold is as an asset class. Long-term charts tend to fare better in their ability to predict price.