By Tom Winnifrith | Monday 28 August 2017
Spot gold has spent the past seven months in a tight trading range between $1,200 and $1,300 per ounce. Given the stored force inherent in such a trading pattern (Figure 1, below), history suggests a breakout, whether up or down, is likely to be characterized by steep slope. The question remains, which direction will gold follow? Sprott analyst Try Reik reckons the major breakout will be on the upside and explains why in the detailed note below.
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