Recently there has been a lot of chatter related to precious metals. The rally in cryptos, especially bitcoin, and many other stocks has raised hopes that gold and silver have been overlooked as a true hedging instrument. As these rallies continue in various other stocks and sectors, gold and silver have continued to trade sideways over the past 6+ months – when and how will this end?
Gold Support Near $1765 Could Be A New Launchpad
My research team and I believe that the recent downside trend in gold has reached a support level near $1,765, which will potentially act as a launching pad for a larger upward move. This support level aligns with the previous price highs (May 2020 to June 2020) after the Covid-19 price collapse, which we believe is indicative of a strong support level. As you can see from the Gold Futures Weekly chart below, if the gold price level holds above $1765, we think the next upside rally in the metals is propelled to target $2160, then $2400. can doread more here.