There has been 2 previous swings in Gold from the 50 weekly ma (Orange line), This looks like the 3 Swing IMO According to the previous data this swing should be shorter in time than the previous 2 and may last between 60 to 85 days Target area should be around +35% to +50% = $2400/$2700.
The trend is up and the fundaments haven't change at all. money printing and low interest rates.
I think fundamentals have changed since the last ALL Time High on Gold. I think there is no chance Gold to even retest the All time High.
bitcoinwizard1
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@Marian122, Hi marian, What are gold fundamentals? can you back up your tesis?
Marian122
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@bitcoinwizard1, Well as we all know gold climbed to those highs thanks to the uncertainty in the world, everybody is buying gold during these times. That's why I think not everybody is willing to buy anymore Gold now that the Vaccines are so effective and ready to be used. There is one problem left which is logistics and that could make gold go higher maybe to the 1950 area. In my opinion the only way for gold to break over 2060 is a new recession.
Anyway nothing is certain these days and also nothing is imposible :D.
Thank you.
bitcoinwizard1
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@Marian122, Hi marian, let me explain, don't believe the none sence vaccine narrative that cnn, cnbc, bloomberg etc etc, they work for institutions they want people to sell, gold has been rising way before the the virus in early 2019. If a new resession comes Gold will drop in the short term, every market will drop as well, just like Feb or March, because when there is fear people look for dolar not gold or silver and that causes a US$ liquidity issue, meaning that everybody is trying to buy dollars but there isn't enough available, so dollar goes up, everything else falls. Now Understand that Gold has historically always gone up, becase goverments constantly print Fiat currency without any back up, in the long run that makes the dollar and other fiat currencie's purchasing power to vanish, in the other hand gold and silver is hard money, real money, they can't be created over night like the dollars, the mining proccess is slow you can't you turn on a switch and get more gold and silver overnight, so everytime time there is massive money printing like now, golds become stronger and go higher, fiscal stimulus is set to continue therefore gold is set to keep going higher. There is an excellent book that explain about the economy and gold very well, its called "why gold, why now" by E.B Tucker, you can also look for his videos in youtube and I strongly recommend following the Kitco channel in youtube too, is very informative, they interview the biggest fund mannagers and economist int he world
@Trendymanners, the trend is up, I'm just saying the fundaments are intact and the chart pattern is still bullish, so a possible time frame and target according to the previous move is what I indicate in the analysis, people get confused and think gold is like a stock or an altcoin and it will just drop for no reason, not at all, fiat currency evaporates over time (inflation) due to constant money printing without backup, Gold can't just be printed, the mining procces is very slow and difficult, therefore there is much more USD$ in the market and less gold and silver supply, that's why gold has risen so much over a 100 yrd period and fiat currency has lost basically 99% of it's purchasing power