Will the gold price rise high next week?
Nope, in 2008 it fell hard and likely will this time as asset managers sell anything liquid to meet margin calls
Would love gold to rise, but the swap dealers are piling on the shorts so I think little chance of that
It’s easy for the price of gold to get manipulated to give the look all is well in the world
It probably will not rise high next week as we have just seen a significant correction.
But that does not mean it can’t go higher in the coming weeks or months.
At the time of this writing, price is structurally in an uptrend on the daily, weekly, and monthly time frames.
Furthermore, there seems to be a lot of uncertainty in the markets at the moment with the global economy from corona virus.
gold is a safe haven commodity.
Good luck.
I agree it can go higher, and thats my preference.
But I have seen wash outs in the precious metals over the years despite it’s safe haven status
As I said on a post the other day, the Comex makes the price of gold, which is 100:1 paper to physical.
Supply demand in physical bullion doesn’t set the price
It all depends on time frame,
He wants to know if it will go high by next week.
Probably not higher than this weeks high price but not low enough for me to consider a change in trend yet.
Very fair point.
If this is a wash out in the metals market it will come quick, not sure at what price your looking at for a trend change
Also if it’s a washout I wouldn’t expect any up weeks at all.
However this is all conjecture right now. Look to the Cots on tuesday.
If the swap dealers have flipped net short in a big way, trend change or not I would not want to bet against them
Of course I hope im wrong, I was fortunate to make money on gold both in dec-jan and this past week.
I love being long gold
I would say that a convincing break below 1525-30 ish could signal short term weakness and a deeper correction.
In my view, it still has potential to retest the resistance of the consolidation area around 1350. Because it hasn’t done that yet. It Broke out and hasn’t looked back. Yet!
I’m always wary of parabolas in gold, if you look back in history you will see what always happens next.
The question is was it a parabola or not?
Gold usually peaks in May so there is still a good chance of more movement.
Personally never been one for trendlines, which is why I’m a short term trader rather than longer term but I do hope the bull remains in tact because I actually believe gold is a very easy market to trade, one that more beginners should look at, if there jurisdiction allows it