Assets like stocks, crypto.. all went up lately meanwhile Gold and Silver have been consolidating.
Analysist expecting Gold to drop further to the 1500 $ or 1400 $ (black lines) range level, but there is some evidence that might suggest we will be moving up from here already.
The current negative narrative around precious metals makes me think that as well.
Chart 1: Yearly Chart: s3.tradingview.com/s...shots/r/Rg9iuCd4.png
- You can see how it perfectly retested the yearly support of around 1680 $. (red line)
Chart 2: Monthly chart: s3.tradingview.com/s...shots/y/Yfq7xDSu.png
- In the beginning of the bull run of 2001-2011 it touched the monthly 21 EMA several times (teal line and red circles), like we currently did as well
- Hit perfectly the 0.382 Fib (red arrow) from the lows of Dec. 2015.
- Consolidation of a bull flag since July 2020 (purple parallel channel), attempting the break out right now -> target would be around 2400 $.
In other words, that might be a good LONG TERM entry for Gold, especially considering current global financial situation and what´s ahead of us. No financial advise.
Analysist expecting Gold to drop further to the 1500 $ or 1400 $ (black lines) range level, but there is some evidence that might suggest we will be moving up from here already.
The current negative narrative around precious metals makes me think that as well.
Chart 1: Yearly Chart: s3.tradingview.com/s...shots/r/Rg9iuCd4.png
- You can see how it perfectly retested the yearly support of around 1680 $. (red line)
Chart 2: Monthly chart: s3.tradingview.com/s...shots/y/Yfq7xDSu.png
- In the beginning of the bull run of 2001-2011 it touched the monthly 21 EMA several times (teal line and red circles), like we currently did as well
- Hit perfectly the 0.382 Fib (red arrow) from the lows of Dec. 2015.
- Consolidation of a bull flag since July 2020 (purple parallel channel), attempting the break out right now -> target would be around 2400 $.
In other words, that might be a good LONG TERM entry for Gold, especially considering current global financial situation and what´s ahead of us. No financial advise.