Gold anyone?
Any guesses on the direction? EW analysis? Fibonacci retracement?
My uneducated guess for Gold is at least a 50% retracement to the low $1920’s. Silver to follow.
Any guesses on the direction? EW analysis? Fibonacci retracement?
My uneducated guess for Gold is at least a 50% retracement to the low $1920’s. Silver to follow.
I’m thinking that spot gold will move lower between now and early next year, with a potential low of $1800 or maybe $1775.
Also, I am thinking that spot silver to break below $20. In a global recession, declining industrial demand may more than offset rising investment demand.
If the U.S. stock market falls hard and fast, we could see the gold-to-silver price ratio rise to 100 or even higher. See March 2020 for example of this.
To me, it appears that the U.S. and Europe are experiencing an economic recession now.
However, if there is an escalation of war in the middle-east in the near future, this will push gold and silver prices much higher.
See this short video (11+ minutes) by George Gammon for his thoughts on where the price of gold is heading.
https://www.youtube.com/live/wKF0TffHOJk
I would be shocked if it went that low. Worst case for me is around $1920-30 which would be just below the gently rising 50 dma.
The 20 day bollinger bands are still wide, so I expect more consolidation for a week or two. I also thing the daily MACD, which has already rolled over, will approach the zero line before it bottoms.
The above was meant as a reply to Homer.
Yep, $GOLD is due for a pullback. So what? If it drops to $1920 or $1800, that’s the opportunity to add physical gold to the stash.