Gold held above the 50% Fib level and horizontal support line, as expected in the previous gold chart, and saw its best daily gain today since March 2009 when the Federal Reserve expanded Quantitative Easing 1 during the global financial crisis. Price rallied +4.12% today from an opening price of $1,505 and closed at $1,567 on today's Federal Reserve announcement of Quantitative Easing 5 being expanded to an unlimited amount during the current coronavirus pandemic's affect on the US economy and financial system.
Price is now above the 38.2% Fib level putting gold back into bullish trend territory, but is finding resistance at the 23.6% Fib where price currently rests. Going forward, price is expected to remain above the 38.2% Fib as the Federal Reserve continues to increase the money supply via unlimited quantitative easing which will put bullish pressure on price to rise as a safehaven asset during a time of currency devaluation. Year-end price projection remains to be at test of the all-time high made in 2011 in the $2,000 range.
Short-term and long-term trends remain bullish.
Price is now above the 38.2% Fib level putting gold back into bullish trend territory, but is finding resistance at the 23.6% Fib where price currently rests. Going forward, price is expected to remain above the 38.2% Fib as the Federal Reserve continues to increase the money supply via unlimited quantitative easing which will put bullish pressure on price to rise as a safehaven asset during a time of currency devaluation. Year-end price projection remains to be at test of the all-time high made in 2011 in the $2,000 range.
Short-term and long-term trends remain bullish.