Park Avenue Numismatics
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Gold prices have formed a bottom; expect the next rally to target $1,900
KITCO-- "Gold prices have been consolidating for a few months already, and the next breakout could take prices to 2011 highs of $1,923, this according to Peter Reznicek, head trader at shadowtrader.net. 'For me, the target just has to be the prior all-time high in 2011. I'm just looking at the $1,923 level, that would be fine, and then reassess the situation from there,' Reznicek told Kitco News. Gold prices have been trading between $1,500 and $1,600 for quite some time, but Reznicek said that this consolidating movement is a very bullish sign. 'I like gold, I'm a long-term bull, I have been a long-term bull for quite some time. The way that I like to look at gold is simply to keep the technicals on as long of a time frame as possible, so for me, I always go out to the monthly and I trade gold contracts, ETFs, and options as well according to those monthlies,' he said. He added that since 2000, the market has been in a long-term uptrend that has just developed a bottom."
