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In the short term, gold will remain under pressure to lower prices due to psychological factors. Specifically, the support levels will be $ 1,885 / ounce, $ 1,815 / ounce.
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“We believe that the downward pressure is likely to continue over the next few days, when a strong bullish move begins. If gold finds support near $ 1,885, then we could have created a bottom in gold, establishing a massive uptrend, ”said Chris Vermeulen, an international technical analyst who works regularly. with Kitco, Bloomberg… he commented.
According to this expert, if gold bottoms out around $ 1,885 / ounce, the next bullish move will push the target higher by almost $ 2,250 / ounce.
Will successful fund creation skyrocket to $ 2,275 / ounce?
According to RBC Capital Markets strategist Christopher Louney, any escalating conflict during the elections will help drive up precious metal prices. “The US electoral cycle and any potential transitions, as well as increased geopolitical tensions, remain amid economic uncertainty,” he said in a note. The recent movements open space for gold to physically increase ”in the next 2 quarters.
Finally, according to experts, over the decades the abuse of fiscal stimulus has culminated in a boom in public debt. Central bank interventions that have supported and facilitated reckless government spending have disrupted the fundamentals of growth.
Rather than laying the foundation for real future economic growth, monetary regulators have fostered an exciting investment climate with misleading asset valuations. The severity of this long-term macroeconomic imbalance helps lay the groundwork for an extremely optimistic outlook for precious metals, especially relative to the equity market.
Therefore, for short-term surf investors, the psychological pressure is very high, so risk management through stop loss should be placed on top. However, for long-term, persistent and confident investors in holding gold, holding gold can still generate attractive returns.
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