Sunday, January 5, 2020 10:12 AM EDT
A few days ago we wrote about the Mysterious Channels On Gold’s Chart As 2020 Kicks Off. It took some 24 hours for this channel mystery to sort itself out. Gold clearly decided to move higher, and choose the bullish channel. This means to us that our gold price forecast for 2020 and 2021 is in full force now, and in the next few months we might see $1750 being achieved as our 2020 target. However, this $1,555 level will be the first challenge to overcome.
It is hard to believe to most but gold is in a new bull market, and not because of fear.
We wrote all about our projections and gold price drivers in our gold forecast as well as our silver forecast, all part of our annual series of 2020 forecasts.
Gold is not rising because of fear. This does not make sense whatsoever with stock markets trading at all-time highs and the Russell 2000, the ultimate risk barometer, breaking out to all time highs.
There is a totally different reason why gold is rising.
When it comes to gold’s chart it is clear that this grey channel has become the dominant trend for now. Resistance comes in right above current levels, but looking at the slope of the channel it is rising fast. So in a few months resistance will be way above $1,600. We do not exclude seeing $1,700 in this channel by the end of April of 2020.
Disclosure: Whether we play the gold trend or not is only reserved for members of our
Momentum ...
more
Disclosure:
Whether we play the gold trend or not is only reserved for members of our
Momentum Investing’ premium service. You too can
sign up here
Disclaimer: InvestingHaven.com makes every effort to ensure that the information provided is complete, correct, accurate and updated.In spite of these efforts, errors may occur in the information provided.If the information provided contains errors or if certain information is not available on or via the site, InvestingHaven.com will make every effort to rectify the situation as soon as possible. However, InvestingHaven.com cannot be held liable for direct or indirect damages resulting from the use of the information on this site. If you notice any errors in the information provided via the site, please contact the manager of the site.
Moreover, the views expressed in the articles (posts) on this website are the ones from the authors and are for information only. It is not intended as an offer, invitation, or solicitation to buy or sell any of any security or asset described. Nor the website manager nor the authors do accept any liability whatsoever for any direct or consequential loss arising from the use of their content. Please consult a qualified financial advisor before making investments. The information on this website and in the articles (posts) is believed to be reliable , but the authors do not make any representations as to its accuracy or completeness.
The content of the site (including links) may be adjusted, changed or expanded at any time without notice.
InvestingHaven.com cannot be held liable under any circumstances by anyone, directly or indirectly, in any specific or other way, for damages resulting from the use of links or hyperlinks, including, without limitation, any losses, interruptions of work, damage to programmes or other information on the computer system or to equipment, software or other items owned by the user.
less
How did you like this article? Let us know so we can better customize your reading experience.
