Nearly a third of this year’s 34 trading weeks have recorded Gold All-Time Highs, indeed during four of the past six.
Positions as of 20 August, 2024
Traders need to do their homework and get deployed before this sector reaches its psychological tipping point, when chasing spawns big popular buying.
My instincts are, chart-wise, that you're going to see buyers try to come in at $2492.60 with stops under this slope.
Gold can rise to $2965.30 (in the next twelve months) as long as it trades over $2263.00.
Because the dollar's getting lower; it's cheaper to buy gold in dollars.
In the short term, there is inverse H&S action all over this gold chart. The bull flag target is $2800, and the massive inverse H&S patterns target a price well above that, at $3300!
The 18-day average for the gold market so far, has cleared now; that's a very positive sign.
We are looking at a perfect storm that will lead to gold doing a “moonshot.”
I think the $2600 is attainable. Well, it's not that far away; gold hit the $2550 level already.
