Gold: 1535 Approaching; Still a Perma Bear? BAD Choice...
Updated
Remember the last and recent fall to 1484? I said not to worry and that was for a good reason.
While people on this website have been bearish forever on Gold and Silver - just waiting for the price to plummet into the 1300s, I am happy to say its not happening. In fact, its time to seriously start considering going long in Gold and Silver if you have not already done so before FOMO sets in and you start seeing daily 2.5-3% gains on the metallics.
Once we reach 1600 in Gold and 18 in Silver, you will see massive moves to the upside with lesser and lesser retracements as we push our way through most of the heavy resistances that were present in the 1300s, 1400s and 1500s.
We are quickly approaching 1535 with 1550 within the next week or two depending on geopolitical, political and economic news. I see some retracements still possible from the 1550s and 1580s however it will be "news dependent" and nothing drastically significant.
My advice is to ALWAYS check people's "history" of ideas when using their advice for actual trading - especially with your hard earned money on the line. It is important to look for consistency and accuracy over MANY ideas: not just someone with the most "followers". Clearly for those looking at Gold and Silver, 98% of this platform (and even on TV) have been wrong otherwise we wouldn't have made it close to 1500 a long time ago.
- zSplit
While people on this website have been bearish forever on Gold and Silver - just waiting for the price to plummet into the 1300s, I am happy to say its not happening. In fact, its time to seriously start considering going long in Gold and Silver if you have not already done so before FOMO sets in and you start seeing daily 2.5-3% gains on the metallics.
Once we reach 1600 in Gold and 18 in Silver, you will see massive moves to the upside with lesser and lesser retracements as we push our way through most of the heavy resistances that were present in the 1300s, 1400s and 1500s.
We are quickly approaching 1535 with 1550 within the next week or two depending on geopolitical, political and economic news. I see some retracements still possible from the 1550s and 1580s however it will be "news dependent" and nothing drastically significant.
My advice is to ALWAYS check people's "history" of ideas when using their advice for actual trading - especially with your hard earned money on the line. It is important to look for consistency and accuracy over MANY ideas: not just someone with the most "followers". Clearly for those looking at Gold and Silver, 98% of this platform (and even on TV) have been wrong otherwise we wouldn't have made it close to 1500 a long time ago.
- zSplit
Note
A little bit of a retracement today but nothing overly large considering the algo bounce across the main indices. I am still targeting 1535 next week.Overall trend is still undoubtedly in place for Gold and Silver. Gold and Silver have both been locked in the 1510-1515 and 17.1-17.2 range respectively and I am expecting big moves to the upside over the course of the next month. Despite what people try to say, the trend is not bearish at all; if the trend was bearish Gold would've sunk below 1500 and Silver below 17.
When the ECB releases their easing next month (Sept 12) I am expecting a large bps cut and as such I am eyeing 1600 for Gold and over 18 for Silver by mid September. The Fed will likely cut on the 15th and that could be a double whammy on the upside for Gold. What this means is before October 1 we could see massive moves for Gold and Silver.
Stay strong. Stay long. Stay patient.
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