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Gold has been used as hard money since its discovery across the millennia, but money has morphed into printer paper. In the long run more fiat money will be created relative to mined metals minted. Therefore, the value of gold as priced in fiat currencies will go up over time. Following the law of inertia I suspect the price will continue to climb from here. Everyday including today is a day to consider buying, especially since reaching support from the second daily peak from 2011, which acted as resistance the months following and was quickly left behind last July. Today's move also corresponded to breaking below the yearly moving average, which is real the head turner.
I like drawing parallel lines after finding a good angle and again we have broken below this today. If ultimately held, the steeper solid line will act as support going forward until broken.
Tomorrow is another day and next week is already shaping up to be exiting in other markets. People fear a strengthening dollar will suppress asset prices, but appreciation can occur regardless at various degrees. Easy money policies could already be priced in but real money moves the markets and that money is yet to be created.
Gold has been used as hard money since its discovery across the millennia, but money has morphed into printer paper. In the long run more fiat money will be created relative to mined metals minted. Therefore, the value of gold as priced in fiat currencies will go up over time. Following the law of inertia I suspect the price will continue to climb from here. Everyday including today is a day to consider buying, especially since reaching support from the second daily peak from 2011, which acted as resistance the months following and was quickly left behind last July. Today's move also corresponded to breaking below the yearly moving average, which is real the head turner.
I like drawing parallel lines after finding a good angle and again we have broken below this today. If ultimately held, the steeper solid line will act as support going forward until broken.
Tomorrow is another day and next week is already shaping up to be exiting in other markets. People fear a strengthening dollar will suppress asset prices, but appreciation can occur regardless at various degrees. Easy money policies could already be priced in but real money moves the markets and that money is yet to be created.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.