It is no secret that all central banks are now willingly and actively printing currencies to keep stock markets afloat. The U.S are leading the way and the dollar is weak. Against other currencies that are also seeing money supplies increase, the effects of increased Dollars is diminished but against Gold, which cannot be printed, we are going to see large weakness.
Buying gold against any currency is a good idea in my opinion however i am not one to simply buy at any level. I will always wait for technical analysis and price action to produce an accurate and discounted entry price. That is occurring right now.
"Fundamental analysis tells you what to buy and why. Technical analysis tells you where and when to buy it."
On the spot gold vs USD chart the 50EMA is above the 200EMA (bullish alignment) on all timeframes from the weekly down to the 4hr. Price broke out of a wedge consolidation pattern last week and it is now selling off and pulling back to the structure and price support zone around $1900/$1920 oz which I believe is a great place to buy in to the next rally.
We have the 4hr 200EMA and daily 50EMA residing in the zone and lots of previous buyer support.
Upside targets for me would be $2200 per ounce in the near term (2020) and then $2500 per ounce through the next 12 - 18 months. I know some Wall Street banks analysts from GS and BoA are predicting $2300 and $3000 respectively.
Buying gold against any currency is a good idea in my opinion however i am not one to simply buy at any level. I will always wait for technical analysis and price action to produce an accurate and discounted entry price. That is occurring right now.
"Fundamental analysis tells you what to buy and why. Technical analysis tells you where and when to buy it."
On the spot gold vs USD chart the 50EMA is above the 200EMA (bullish alignment) on all timeframes from the weekly down to the 4hr. Price broke out of a wedge consolidation pattern last week and it is now selling off and pulling back to the structure and price support zone around $1900/$1920 oz which I believe is a great place to buy in to the next rally.
We have the 4hr 200EMA and daily 50EMA residing in the zone and lots of previous buyer support.
Upside targets for me would be $2200 per ounce in the near term (2020) and then $2500 per ounce through the next 12 - 18 months. I know some Wall Street banks analysts from GS and BoA are predicting $2300 and $3000 respectively.
