Gold: Weekly Forecast 30th March - 3rd April 2020
Can the gold price continue to appreciate? Or is the price too high and unattractive to investors OR perhaps it's another good opportunity to liquidate gold for cash in the face of another probable market crash?
We have seen the gold has been ranging throughout the week since it recovered and broke above the key retracement level 61.8%.
The demand to store value in gold came as the price was hit very hard, diminishing close to 15% of its highest value in just a matter of one week.
It was a pretty good bargain to invest in gold again just a couple of weeks ago.
However, will the panic remain contained? Has the stock market started to truly recover? Was the gold price really cheap to invest at all?
To the above questions, unlikely NO!
When we see that every government and central bank are coming out with so much stimulus package and fiscal policies to hold the market from crashing, we know that this is far from over.
The gold price will drop again and it's very unlikely it can break higher this time.
For all you know, the gold price could come tumbling down when the market opens this week.
Should the price continues to climb, we can look to sell again from 1650 to 1670, targeting 1540, 1495 and 1460.
We have seen the gold has been ranging throughout the week since it recovered and broke above the key retracement level 61.8%.
The demand to store value in gold came as the price was hit very hard, diminishing close to 15% of its highest value in just a matter of one week.
It was a pretty good bargain to invest in gold again just a couple of weeks ago.
However, will the panic remain contained? Has the stock market started to truly recover? Was the gold price really cheap to invest at all?
To the above questions, unlikely NO!
When we see that every government and central bank are coming out with so much stimulus package and fiscal policies to hold the market from crashing, we know that this is far from over.
The gold price will drop again and it's very unlikely it can break higher this time.
For all you know, the gold price could come tumbling down when the market opens this week.
Should the price continues to climb, we can look to sell again from 1650 to 1670, targeting 1540, 1495 and 1460.
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