The Price of Gold Expected to Decline to $1739 Analysis:
Gold has long been a symbol of wealth and a safe haven for investors seeking to protect their assets. However, recent trends in the market suggest that the price of gold is headed for a decline. As an analyst with a bearish outlook, I believe that gold is likely to drop to $1739 per ounce.
My analysis is based on a number of factors. Firstly, I have plotted a parallel channel for the price of gold, which shows that we are currently piercing through the 382 fib. This indicates that we are likely to head towards the 618 fib, which would put us at $1739 per ounce.
Additionally, the recent low to high fib levels show that the market is in a downward trend. This suggests that the price of gold is likely to continue to fall, and investors should be cautious about holding onto their assets.
It is worth noting that a decline in the price of gold would not be surprising. The COVID-19 pandemic has caused widespread economic uncertainty and volatility in financial markets, which has led to a surge in demand for gold. However, as the global economy recovers, investors are likely to shift their focus towards other assets, which could drive down the price of gold.
Furthermore, rising interest rates and a stronger US dollar could also put pressure on the price of gold. As the cost of borrowing increases, investors may choose to move their money into other assets that offer a higher return on investment. This would reduce demand for gold and cause its price to fall.
In conclusion, my analysis suggests that the price of gold is likely to decline to around $1739 per ounce. While gold has long been a safe haven for investors, recent trends in the market suggest that it may not be the best option for those looking to protect their assets. As always, investors should carefully consider their options and do their own research before making any investment decisions.
My analysis is based on a number of factors. Firstly, I have plotted a parallel channel for the price of gold, which shows that we are currently piercing through the 382 fib. This indicates that we are likely to head towards the 618 fib, which would put us at $1739 per ounce.
Additionally, the recent low to high fib levels show that the market is in a downward trend. This suggests that the price of gold is likely to continue to fall, and investors should be cautious about holding onto their assets.
It is worth noting that a decline in the price of gold would not be surprising. The COVID-19 pandemic has caused widespread economic uncertainty and volatility in financial markets, which has led to a surge in demand for gold. However, as the global economy recovers, investors are likely to shift their focus towards other assets, which could drive down the price of gold.
Furthermore, rising interest rates and a stronger US dollar could also put pressure on the price of gold. As the cost of borrowing increases, investors may choose to move their money into other assets that offer a higher return on investment. This would reduce demand for gold and cause its price to fall.
In conclusion, my analysis suggests that the price of gold is likely to decline to around $1739 per ounce. While gold has long been a safe haven for investors, recent trends in the market suggest that it may not be the best option for those looking to protect their assets. As always, investors should carefully consider their options and do their own research before making any investment decisions.
Comment:
I think bulls are fighting well and a squeeze is super possible. If so, I believe to posted range is possible.
