Careful with GOLD

30 thg 6, 2020

Here is the weekly chart on Gold. Clearly we are in the ascending phase of the market.



There's talk of price of Gold going to $5,000. That doesn't really seem likely to me at the moment (well, not in the medium term).
Not least because on the recent stock market crash, Gold fell also (along with Bitcoin) so there is some correlation there.
This suggests that people see gold as much of a speculative as a hedge in the first half of 2020.
However, we are in a decent uptrend with price respecting the 50 weekly MA nicely earlier this year and zooming out to your monthly, it has been in a weak uptrend since 2006.
You could say that fits the narrative more closely that gold is a hedge but there will be a lot of people taking their profits off the table if we get to 1920 (f they don't sell it before hand to pay bills etc).
Like everyone else out there, I don't know where it will go, but there could be some nice trades coming up. I would be careful around the ATH levels and then after that 2000 will be a psychological resistance.

Good luck everyone.