Well, the sentiment around the world is that the price of gold will rise. I’ve heard crazy figures, like $4000. Is it possible? Probably long-term, but if gold reaches even $3000, experts indicates how that would mean something went really wrong in the world economy. If you want good tips from an economist who has had many truthful predictions, look at Peter Schiff. He does podcasts 2/3 times a week.
My technical analysis indicates that there could be an upward push. The RSI is subdued and a nice bullish flag formed, as indicated in the chart below. You can call that an ascending triangle as well. I’m doubtful there is going to be a rally today (you never know) but in the next few weeks, or days, continued pressure could indicate a continuation upwards.
That being said, I have no position in gold, however, I have an open position in silver. My pending order hit on the long side around $16. Yes, I am hoping for a breakout and not a pullback. It is ranging around the 61,8 fib and I am looking to exit the trade around the 78,6 fib.
Any analysis, tips, comment and advice is much appreciated
Love, hope and honesty for and from you all is what the world needs.