Gold has broken a few levels of support last week and tested first resistance (red line) and gave a small rejection. I expect Gold now to retrace to test recent support (green line) for some more buyers to enter the market before aiming for the daily 200EMA.
$1240 to $1250 will be the hardest to break but if can break through then it could be the start of a new bullish swing aiming towards the $1300 price levels.
Every $10 price intervals are resistance levels but $1240 is the biggest barrier to break and if it can hold will become a nice solid floor to the market.
As we are coming closer to the end of the economic cycle Gold will be the go-to for investors to protect their money. At this level Gold is a great buy especially if you can afford to buy Bullion (physical) bars/coins. My forecast for Gold is $4000-$5000/oz during the peak of the economic correction.
$1240 to $1250 will be the hardest to break but if can break through then it could be the start of a new bullish swing aiming towards the $1300 price levels.
Every $10 price intervals are resistance levels but $1240 is the biggest barrier to break and if it can hold will become a nice solid floor to the market.
As we are coming closer to the end of the economic cycle Gold will be the go-to for investors to protect their money. At this level Gold is a great buy especially if you can afford to buy Bullion (physical) bars/coins. My forecast for Gold is $4000-$5000/oz during the peak of the economic correction.
Tensions are growing globally so it's only a matter of time before the big investors start selling their stock and buying gold.