Hot Inflation Couldn’t Break Gold, What the Charts Say Comes Next | Gary Wagner

Gold dropped as much as $82 on a hot inflation report, then erased almost the entire loss a day later. Gary Wagner of TheGoldForecast.com says that kind of snap-back is exactly what a bottom looks like, and his year-end model has gold climbing back above $5,000. Wagner takes Jeremy Szafron through the “engulfing bullish” pattern now sitting on the gold chart, the one candle that confirms it, and the single level that tears the whole thesis apart. He runs his Elliott Wave count from January’s...