Great Graphic: Is Gold Breaking Out?

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With equity markets tumbling, escalating tensions between a Saudi-led Sunni bloc against Iran, ongoing hostilities in Syria, North Korea testing what it claims to be a hydrogen bomb, the once precious yellow metal is looking perky.

A six-year low was recorded in early December (on the same day the euro fell to $1.0525 when the ECB met). That low (~$1046.45) was retested a fortnight later (~$1047.75). Between the two lows, gold reached almost $1089. If this is a double bottom, the minimum measuring objective is near $1132.

The potential double bottom is marked by circles in this Great Graphic created on…..

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