Gold Forecast - Next Major Long Term Swing High
I'm projecting that Gold's long-term target for the next swing high area on the monthly chart is likely to be around 2,717.91. This projection aligns with historical data and trends. Additionally, I have identified an area for retracement around 2,168.57, which could serve as a significant support zone in the event of a pullback. Based on current market dynamics, I don't foresee Gold ever dipping below 1,800 in the future, and I personally still aim to keep investing in physical gold as a strong long-term investment. Do you? Let me know in the comments below, I'm interested to hear what others think :)
Fundamentals Driving Gold's Surge:
Gold versus the USD has reached another all-time high today, driven by several key factors:
Geopolitical Tensions: Ongoing geopolitical uncertainties, particularly in regions such as Eastern Europe and the Middle East, have spurred demand for safe-haven assets like Gold. Investors are flocking to Gold as a hedge against potential global instability.
Inflation Concerns: Persistent inflationary pressures in the global economy have eroded the purchasing power of fiat currencies, especially the USD. With central banks around the world continuing to print money to support economic recovery, investors are turning to Gold as a store of value.
Weakening US Dollar: The US Dollar has shown signs of weakening due to dovish monetary policy by the Federal Reserve and increasing national debt. A weaker Dollar often leads to higher Gold prices, as Gold is priced in USD, making it cheaper for non-dollar holders to purchase.
Economic Uncertainty: With mixed signals in the global economy—ranging from potential recessions in developed markets to ongoing supply chain disruptions—investors are seeking refuge in Gold, which is historically seen as a reliable asset during times of uncertainty.
Fundamentals Driving Gold's Surge:
Gold versus the USD has reached another all-time high today, driven by several key factors:
Geopolitical Tensions: Ongoing geopolitical uncertainties, particularly in regions such as Eastern Europe and the Middle East, have spurred demand for safe-haven assets like Gold. Investors are flocking to Gold as a hedge against potential global instability.
Inflation Concerns: Persistent inflationary pressures in the global economy have eroded the purchasing power of fiat currencies, especially the USD. With central banks around the world continuing to print money to support economic recovery, investors are turning to Gold as a store of value.
Weakening US Dollar: The US Dollar has shown signs of weakening due to dovish monetary policy by the Federal Reserve and increasing national debt. A weaker Dollar often leads to higher Gold prices, as Gold is priced in USD, making it cheaper for non-dollar holders to purchase.
Economic Uncertainty: With mixed signals in the global economy—ranging from potential recessions in developed markets to ongoing supply chain disruptions—investors are seeking refuge in Gold, which is historically seen as a reliable asset during times of uncertainty.
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