Gold on the move...........


Makes sense. As more and more uncertainty about the economy builds, the virus impact as well as presidential election in US... people run for safe havens and traditionally that is precious metals. Gold and silver especially.

Annotation 2020-08-04 161940x.png

The pattern looks like a very tried and true pattern called a cup and handle. The cup portion starting to form around early 2013 and breaking out mid 2019. In this recognizable pattern seen many times before in price action of many traded assets when the breakout into all time highs takes place as has just happened within the last week.

Once this happens there is run higher for some time and then a pullback... That is the handle formation.
After the handle forms the run higher takes off in a very dramatic move higher.

Some analysts are prediction prices for gold well over $10,000/ounce. Even as high as $50,000/ounce. Which really says the dollar is losing value.

All the government paper currency (debt notes... backed by nothing with interest payment due on them) are losing value against tangible assets.

The timing is in line with a move like this considering the world events.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!