Gold just drawn a perfect cup and handle
Updated
the proprietary of this cup and handle must be a leftist.
I think price will rise a little more to 2300 until ranging for some month in this area (2100-2300) before having a strong impulse upside
fundamentally it can be explained by the coronavirus sanitary crisis who will provoke a krash on financial indexes (global economy so they will all fall). worldwide demand for gold will keep increasing, for the moment just some informed personn bought and financial institutions. But soon the middle class will be brought them to the demanding group, they were a little scary at this asset because majority of them bought in 2011 and lost 40% of their funds because they sold on loss based on pressure.
to conclude: the financial indexes will fall , but gold will still stand up
I think price will rise a little more to 2300 until ranging for some month in this area (2100-2300) before having a strong impulse upside
fundamentally it can be explained by the coronavirus sanitary crisis who will provoke a krash on financial indexes (global economy so they will all fall). worldwide demand for gold will keep increasing, for the moment just some informed personn bought and financial institutions. But soon the middle class will be brought them to the demanding group, they were a little scary at this asset because majority of them bought in 2011 and lost 40% of their funds because they sold on loss based on pressure.
to conclude: the financial indexes will fall , but gold will still stand up
Note
my first target will be 3400 because its the 1.618 fibonacci of the retracement fibonnacci of the entire cup and handlebut i aim for much more higher , cant say the exact target but in my opinion it will pass through 5000 to reach at least 10 000 dollars per ounce. or maybe 15 000 dollars, who know?
Note
In prevision of this crisis , the accumulation of gold and silver coins is recommendedbut for this you have to respect investing principles :
- hold your gold even if you are in loss, patience will reward you because at the end it will always go upway (because of the ends of bretton woods).
-accumulation have to be made slowly : buying some every month or two using a part of your savings
-precious metals have to be only a part of your investing portfolio ( added to stable value like dollar and euro, maybe some real estate, some stocks , etc)
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