Gold hits another target – again

The gold price has rallied to John C Burford's tramline target for solid profits. But could the market be preparing for another strong move upwards?

When I last covered gold on Monday, I noted the five-wave move down off the November $1,750 high which signalled a resumption of the bear market.

From the early December $1,680 lows, the market then embarked on the fully-expected counter-trend rally.

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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.