Thoughts On Gold Breaking $2000

Gold, Ingots, Treasure, Bullion, Gold Bars, Wealth

Image Source: Pixabay

This video covers a small section of a live mentoring session with investors which focuses on the price of gold.

00:08:43

Three key points that were discussed include the following:

  1. The potential for a new major breakout in gold’s price: I note that gold has recently been seen trading around the $2000 mark, and it could either break out to new highs or experience a failed reversal. I also highlight gold’s resilience compared to other assets such as silver and gold miners, attributing this to its status as a global reserve currency.
  2. The significance of the $2000 price level: I discuss the importance of gold holding above $2000 for more than just a couple of days, as well as the need for a retest of this level after a pullback. A sustained move above $2000 would signal increased confidence in gold’s rally.
  3. Concerns about gold price fluctuations driven by events: I express concern that gold’s price spikes are often driven by events such as wars or banking crises, which could lead to false moves and rapid reversals. I emphasize the need for gold to consolidate and hold its ground rather than spiking on news events.

Gold may still drop to $1400-$1500 in the next six to 12 months, and this brief video only covers what to look for if gold breaks out. A future update will cover why it looks like this may be a false rally, and why gold may reverse.


More By This Author:

Is The Stock Market Setting Up For A 2008 Style Crater?
Di-Worse-Ification: The Problem With Spreading Your Portfolio Too Thin
Is The Stock Market Starting A New Bull Market Rally?

Additionally, I briefly discuss TheGoldOilGuy newsletter in this video, which offers momentum and swing trading insights for short-term active traders focusing on precious metals and ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments