Gold is heading for a major target

The gold market is approaching an interesting juncture, says spread betting expert John C Burford. Here, he looks at how to play it.

On Wednesday, I noted that the gold market was approaching an interesting juncture. I had taken nice profits on the down move from the late May break, and then on the up move to the $1,280 level reached on Monday.

But was there any more upside to this move? After all, I had forecast a major rally at some stage. I felt the resistanceat my long-term tramlinewas key. If that gave way, we would very likely see this major move up.

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.