Flag forming in Gold. $2,200 possible within the year
Gold has been consolidating and retracting in volume. It looks coiled to break-out past previous resistance. The 50,100, and 200-day moving averages are on the verge of intersecting and hopefully reversing course in a more bullish direction.
Signal to buy should be when shorter-term MA's breakthrough 200-day.
RSI, MACD, and Gold spot prices have been declining in unison. RSI signals it is not overbought and MACD is signaling buy which gives this trade some legs and breathing room.
On the fundamental side, gold is the most resistant to rust and corrosion, making it the most reliable and durable electrical conductor. It is key for computer and satellite technology. If Starlink is going to become a reality, regardless of whether or not it does so under the umbrella of Tesla or by IPO'ing, they will need a lot of gold to make those satellites low maintenance.
Gold is also essential in the production of green technology and it is essential for healthcare and our digital world.
I expect spot prices of $2,200 within the year and at least $2,500 by 2022.
Signal to buy should be when shorter-term MA's breakthrough 200-day.
RSI, MACD, and Gold spot prices have been declining in unison. RSI signals it is not overbought and MACD is signaling buy which gives this trade some legs and breathing room.
On the fundamental side, gold is the most resistant to rust and corrosion, making it the most reliable and durable electrical conductor. It is key for computer and satellite technology. If Starlink is going to become a reality, regardless of whether or not it does so under the umbrella of Tesla or by IPO'ing, they will need a lot of gold to make those satellites low maintenance.
Gold is also essential in the production of green technology and it is essential for healthcare and our digital world.
I expect spot prices of $2,200 within the year and at least $2,500 by 2022.
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