The last two gold bull cycles, culminating in peaks in 1980 and 2011, were both followed by a price correction and then a multi-year consolidating pattern. However, the highs of last year do not indicate a multi-year peak, as gold is still in a long-term bull trend, says Chris Vermeulen, chief market strategist of TheTechnicalTraders.com.
“We’re looking at roughly $2,700, give or take, up there to the upside, and based on the pattern that has unfolded, I would say it could be reached in the next one to two years. That would be probably the earliest”, Vermeulen told David Lin, anchor for Kitco News. WATCH to learn more.