Is the gold price ready to rally now?

Gold is a slippery customer, says John C Burford. Just when you believe you have it figured out, it springs a surprise.

In my post of 15 September, I made a case for gold to begin embarking on a good rally. The market has been falling since the E wave high of July a decline of some $130 to this morning's low.

So, let's review the position. This was the hourly chart back then:

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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.