On May 30 we outlined our bullish thoughts for gold and now we want to suggest that Agnico Eagle Mines Ltd. (AEM) is ready for an important upside breakout.
Let's look at just a Point and Figure chart.
In this Point and Figure chart of AEM, below, we can see a large accumulation (buying) pattern. A trade at $47.59 will be a new high for the move up and break a high from June of 2018 at $47.12 (look for the 6 on chart).
The bullish price target or objective measures to around $59 and just short of the high trade in 2016. Risk below $44 on new longs.
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Bears have been confounded by the positive sentiment, but economic realities are not going to suddenly disappear.
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