Tano Capital Research: Bullish Again on the Prospects for Gold…
Gold has finally suffered a major correction, which we have been waiting on for far too long. Technicians see this as a broken down market, meaning it is not likely to trade back up through its prior peak in 2011 any time soon. Prior support at about the $1530 level has now become upside resistance, and gold’s long term uptrend is not likely to resume until gold punches back through and closes convincingly above that level. There will most likely be a lot of backing and filling around current levels for quite some time. Longer term, we remain quite bullish on the upside prospects for this “barbarous relic” and this is our reasoning.


May 21, 2013