Gold Prices Continue to be Buoyed; Off to 1700+ (Like I Said)
As I correctly predicted on several occasions over the past month beginning with the Pre-Fed liquidity dump that people got trapped on, into a prediction back several weeks ago regarding 1700+ being highly likely in March, its all about forecasting the trends that people fail to realize and accurately forecast.
My predictions have remained quite consistent and correct over the past year and unlike many, I don't hop on the bandwagon once the train has already took off, but rather, I have given many people months in advanced notice of whats to come.
--
With a close and break now above 1580, we have formed the beginning of a breakout and on the road to 1700 sometime in March for Gold (Silver will come along for the ride as well).
There will be slight retracements on the way to 1600 but the retracements are unlikely to have any selling pressure of massive significance. In reality, this movement of 'grinding higher' rather than gapping forwards is a plus as gaps must retrace downwards.
The coronavirus and rapidly rising inflation in China, and steadily rising inflation in the US should keep selling pressure somewhat muted until Gold shoots to its next leg.
Depending on what issue may act in contingency with Gold and Silver on the leg up, the road to even 1800 cannot actually be ruled out. However at this time, it is difficult to forecast how the equity market will react as Gold and Silver begin their next leg up. If there comes some sort of significant equity correction, Gold may be buoyed and on the road to 1800. If equities remain somewhat stable during this next leg up, we can expect the top to be somewhere around 1700 before a likely retracement from April/May and June back to the mid to high 1500s before running up to 2000 sometime in the fall to late-year 2020.
As I previously stated, Silver will come along for the ride and hit at-least 22.50 as Gold goes to 1700.
Expect a large and sharp move to several year highs for ETFs like GDXJ and JNUG once Gold shoots past 1600.
- zSplit
My predictions have remained quite consistent and correct over the past year and unlike many, I don't hop on the bandwagon once the train has already took off, but rather, I have given many people months in advanced notice of whats to come.
--
With a close and break now above 1580, we have formed the beginning of a breakout and on the road to 1700 sometime in March for Gold (Silver will come along for the ride as well).
There will be slight retracements on the way to 1600 but the retracements are unlikely to have any selling pressure of massive significance. In reality, this movement of 'grinding higher' rather than gapping forwards is a plus as gaps must retrace downwards.
The coronavirus and rapidly rising inflation in China, and steadily rising inflation in the US should keep selling pressure somewhat muted until Gold shoots to its next leg.
Depending on what issue may act in contingency with Gold and Silver on the leg up, the road to even 1800 cannot actually be ruled out. However at this time, it is difficult to forecast how the equity market will react as Gold and Silver begin their next leg up. If there comes some sort of significant equity correction, Gold may be buoyed and on the road to 1800. If equities remain somewhat stable during this next leg up, we can expect the top to be somewhere around 1700 before a likely retracement from April/May and June back to the mid to high 1500s before running up to 2000 sometime in the fall to late-year 2020.
As I previously stated, Silver will come along for the ride and hit at-least 22.50 as Gold goes to 1700.
Expect a large and sharp move to several year highs for ETFs like GDXJ and JNUG once Gold shoots past 1600.
- zSplit
Related Ideas
