Currently gold is in a correction. Support level at 1703 and resistance at 1734. Looking at previous trends in gold and back testing, gold could end the correction and look to the upside if the price can stay within 1700 range. If gold drops below 1700 we could see a sell off of long positions and drop back to 1690-80. If there is heavier volume buying and the resistance is breached beyond 1734 gold we could look to break its 1764 record and aim for 1780-1790.
From a fundamental perspective and in my opinion, Gold long term is a buy with Bank of America giving a price target of $3000 per oz. Also with the US government's unlimited quantitive easing and a balance sheet of $7 trillion plus, the US dollar will surely collapse in the coming years or at least devalue.
If anything you feel I'm saying is incorrect with regards to technical and fundamental analysis please comment. I'm a learner using my knowledge and understanding to put into use.
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As suggested, gold has breached the 1734 resistance and we should see a continue in the uptrend to the next resistance level which is 1763. Once this resistance is breached we'd be looking at a correction with over buying from people coming in late to the market.
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As predicted, gold correction completed at 1699 and reversed to an uptrend. The resistance level has been breached with the new resistance at 1743.
I think that it is not sure. Maybe it will sell according to the days.
Trade_them_all_
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It’s going to retest 1744 and then heads to 1709 and 1800
UnknownUnicorn4271694
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Called this a while ago nice move
deanburtonuk
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I saw this today not as in depth but gold and some gold/silver miners look like they are on a similar move
Bought Fresnillo, Centamin, Highland Gold & Hochschild mining today
So hoping your right 👍👍
Dtrace93
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@deanburtonuk, US economy is in a recession and the dollar is going to inflate maybe even hyper inflate from all the fed printing money stimulus. There as so many reasons to buy gold right now it's unprecedented. My TP for gold along with Bank of America is $3000 oz. This was my tp before the pandemic. I could see gold reaching $5000+ oz in the next 3 years. So with there being so much unemployment, companies going bust and all the while the GDP is contracting. It's a vicious cycle. I don't think the stock market have really taken into account the severity of this recession. When quarterly earnings season comes round and the majority of companies report huge losses, the dollar will weaken and everyone will be running to the only safe heaven asset, gold! Buy all the gold stocks you can. It will be a turbulent road to $3000 oz but stick with it. Or do what I do. Analysis gold extensively and buy on the dips and sell on the highs.
deanburtonuk
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@Dtrace93, I completely agree still the no it has a long way to go 5000 will be a stretch but 3000 easy realistic target. What about Silver where do you see that performing?
I don't think good will be as minipulated this time around central banks hold it and it's a good way for them to take debt off the balance sheet by increasing the gold price without them spending a penny.