The gold price has made a big comeback

While backs were turned, gold staged an impressive rally. John C Burford analyses the charts to find out where gold is heading next.

With the can having now been kicked down the long and winding road in Washington, I can turn my attention to gold a market where the recent sharp declines have resulted in an equally sharp reduction in commentary by the gold pundits.

When gold is in rally mode, the coverage is extensive and enthusiastic. This mirrors the conventional reaction to rising markets, where most people become more and more excitedly bullish as prices rise, reaching a climax at tops.

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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.