Market Plunge Could Clear Way For Gold Rally, Says Jim Wyckoff, CMT

Jim Wyckoff, CMT, was quoted in Kitco News on Wednesday as part of a chorus of analysts forecasting a rally for gold in the coming weeks. 

"Equity markets are breaking down and that could be the catalyst needed to light a fire under the gold market, according to some analysts," writes Niels Christensen. "In the current market environment, many analysts are keeping an eye on the $1,200 an ounce level since it represents the first hurdle gold needs to clear."

"There are technical and fundamental signs the U.S. stock indexes have put in at least near-term market tops, if not major market tops," Jim Wyckoff said, according to Christensen. 

Christensen continues, "Jim ... said that there is a very good chance gold regains the $1,200 level as he thinks this is just the start of a correction in equities."

Read the full story in Kitco News here: 3% Drop In U.S. Equity Market Could Spark Gold Rally - Analysts