Bank of America snippet on gold, quite the bulls!
- We see gold breaking out of a bullish pennant pattern that favours a continuation of the uptrend that began in 4Q of 2022
- A new all-time closing high in gold prices above 2078 on daily and weekly charts would go a long way in signalling a significantly larger upside in 2023-2025 such as 2391/2543
- It would also reduce the risk of remaining stuck in its three-year trading range and succumbing to the risk of a somewhat consensus uptrend
BoA also like silver.
That red line on the weekly chart above is circa 2078 (as close as I could wiggle it!)
(This chart is from our charting app, which is free and can be found at this link)
