Gold $1788 A Price Of Importance

The US election is still being disputed by republican fiat bugs, but it looks more and more likely that democrat fiat bugs have won.

In the world of private money (gold and crypto), elections also take place… at major support and resistance.

These are the most important action zones for gold and crypto enthusiasts. 

If investors act professionally at these zones, substantial wealth can be created and retained.

(Click on image to enlarge)

important weekly gold chart

The price of gold has arrived at the major support zone of $1788, an event that I suggested investors prepare for when the price was near $2000.

Investors must now “elect” to buy, sell, or do nothing. I’m buying modestly, and that’s my recommendation for all gold bugs of the world.

It’s unknown whether gold now rises to significant resistance at $2000-$2089, or it eases down to significant support at $1666.

Higher price enthusiasts do have the appearance of some green shoots on their side:

Technically, my important 15,5,5 Stochastics lead line is oversold and beginning to turn higher. The $1788 price zone may not be the exact low of this reaction, but it’s highly likely to go down in history as a spectacular buy zone for serious gold bugs!

Seasonally, the December time frame is often a launchpad for significant rallies. Chinese citizens buy to celebrate the New Year and Western hedge funds often get caught in a short-covering rally. 

They then rush to buy, and that can create some very intense upside price action.

Fundamentally, the vaccine news is probably fully priced into the gold price. Money printing, debt, and the slowing U.S. economy are coming back into focus as key gold market themes.

“Storm clouds are gathering. This winter could pose an unusual challenge for many people across the country unless Congress takes significant actions.” - George Ratiu, senior economist at realtor.com, Nov 30, 2020.

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