It is now very overextended on the 12 month timeframe and a major correction could be on the cards for the next 12 months.
Overall i am 50-50 on this for now until something happens in the markets. Here is my analysis for GOLD
We could potentially see a final push higher to the 2300-2400 zone before that happens but based on economical factors i think the correction is way past due and the fall of world currencies like US dollar could spark that spike up before it drops.
I am thinking institutions will hedge their dollars and jump in to gold during the 2024 recession before flooding back to the dollar once it hits its lows again and causes gold to drop heavily.
GOLD has always been the option for traders and investors to move to during times of economic crisis.
Good Luck! Give this post a like if you found it interesting...
Overall i am 50-50 on this for now until something happens in the markets. Here is my analysis for GOLD
We could potentially see a final push higher to the 2300-2400 zone before that happens but based on economical factors i think the correction is way past due and the fall of world currencies like US dollar could spark that spike up before it drops.
I am thinking institutions will hedge their dollars and jump in to gold during the 2024 recession before flooding back to the dollar once it hits its lows again and causes gold to drop heavily.
GOLD has always been the option for traders and investors to move to during times of economic crisis.
Good Luck! Give this post a like if you found it interesting...