“Gold’s Fundamentals and Technicals Look Better and Better”… “Gold was like a beach ball that had been pushed too low in the water and is now bouncing higher with a vengeance,”

Tuesday, February 9, 2016
By Paul Martin

By: Mark O’Byrne, GoldCore
GoldSeek.com
Tuesday, 9 February 2016

Gold surged another 1.5% higher yesterday, and had its best closing level since mid-June as strong physical demand and concerns about the global economy, the banking sector and the risks of a new global financial crisis saw further gains.

Gold jumped $34.70, or 3%, to $1,192.40 an ounce and registered its best single-session point and percentage gain since December 2014.

“Gold was like a beach ball that had been pushed too low in the water and is now bouncing higher with a vengeance,” Mark O’Byrne, research director at GoldCore, told MarketWatch:

But prices have climbed by more than 12% higher in just 5 weeks so a “correction is quite possible and may take place when gold reaches $1,200 per ounce.”

He says a correction is likely on tap, but the “more important question is whether gold has bottomed and we are in a new bull market.”

“We believe we are and gold’s fundamentals and technicals look better and better,” said O’Byrne.

Global stock markets are facing sharp losses amid more signs that international growth is tapering, led by the world’s second-largest economy, China.

Market participants said this week’s start of the Lunar New Year—a holiday in China and many parts of Asia—was helping drive physical demand for gold.

The Rest…HERE

Leave a Reply

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter