My view:
Now that there had been a pullback in the price of gold and the commercial net short position is shrinking, the yellow metal is set up to break out of this 5 year consolidation pattern.
We do not know when the breakout will come precisely, but given the shape of the pattern, it appears that the next few weeks will be critical to be prepared.
Further reports are suggesting we have seen the peak in global gold production, or "peak gold". This combined with some economic recession trigger, should have price target at least the $1550 to $1600 range over the last half of this year.
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