The current crises in the world should give gold a boost as soon as the dollar weakens again. The entire market is currently not stable on a daily basis, but I think it will not be long before the first currencies collapse, much capital will flow into gold. Currently, market sentiment is negative and many investors open new short positions, this has put a renewed dump below the psychologically important $ 1200 mark. However, as long as the low of August 13 ($ 1161) is not retested I am bullish for Gold. The RSI looks interesting if you compare it to a similar wave 20-25 years earlier, I don't think that we will see the same dump but if the price dump again the next real support would be at 1040 to 1050 $. Remember that gold price also dumped before 2008/2009 crises.
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
