Only a fool would sell (long term) in this market
Updated
With a similar situation emerging to the 2008 financial crisis wherein gold and the stock market along with many other assets depreciated simultaneously, and Coronavirus creating a more risk averse investing atmosphere, The best trade to take now is to wait for a pullback to 1450 (likely entry) or 1400. The long term trend line shows that gold will find support again at 1450 by August of this year even if it dips below now after the current spike upwards because of Coronavirus. Additionally, gold has already increased in price almost the same amount that it initially did in the years following the financial crisis and we are currently, supposedly not in recession. Many investment firms, hedge funds, and banks predict multiple Fed rate hikes in the future adding more inflation into the price of Gold. Predictions for a rate hike on the next Fed press conference are nearing 99.9%. All factors point to a buy signal in the 1400-1450 range after waiting for any fools to sell because of BIS paper gold price suppression (Note the record high volume of trading on the last candle)
Note
Obviously I meant rate cut instead of rate hike
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.