It’s time to pay attention to the gold price

Gold has made some dramatic moves. John C Burford analyses the charts to find out where the gold price is heading to next.

It has been a while since I covered gold. But there have been dramatic developments this week, so it is high time I gave it attention.

Since my last coverage on 7 May, when the market was still in rally mode, this was the situation on the hourly chart:

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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.