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Gold's Inverted Head-And-Shoulders Pattern Suggests $2000+ Is Next Upside Target

Monday, September 13, 2021

Gold: Next Upside Target $2,000+

Gold last traded at $1,792 an ounce. Silver at $23.73 an ounce.

NEWS SUMMARY: Precious metal prices rose Monday on safe-haven buying, rising inflation and a flat dollar. U.S. stocks traded mixed amid supply chain disruptions, COVID-19 variant risk and stickier-than-expected inflation."After a moderately strong rebound from the $1,675 lows in early August, gold has clearly started to set up the right shoulder of what appears to be an inverted head-and-shoulders pattern.

The recent weakness in the U.S. dollar suggests any breakdown in the dollar below $91.70 will likely prompt a new bullish price advance in gold targeting highs above $1,900 and likely attempt to reach $2,100 or higher....

We believe the $91.70 level on the dollar is critical to the setup of the inverted head-and-shoulders pattern in gold and that gold may trail downward to levels near $1,775 before finding real support for the next upside price rally.

Once that right shoulder has completed, the next phase for gold is a very solid upside price rally that should rally above $1,845 fairly quickly and attempt to reach the $1,920 to $1,950 level before the end of 2021....

We believe the transition of the U.S. dollar throughout the end of this year will be key to understanding the type of rally we should expect in gold and precious metals. Once the U.S. dollar falls below the $91.70 level, the upside price pressure in precious metals should begin to accelerate. We believe the $91.70 level in the dollar is the key catalyst for gold to break out of this inverted head-and-shoulders pattern."

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