Quick Gold Update: 1500 Next Major TargetOur long Gold bull-run is set to continue. While the markets finished up today, Gold and Silver continue to hold their specific resistances and maintain their sound technical strength which should provide great confidence for traders.
I am expecting perhaps a slight pullback when Gold opens somewhere into the 1460s. However, I see muted major retracements of longer duration until we get to 1560. Once we reach the 1560 mark I expect some more major retracements back into the 1480s or 1490s unless there are key geopolitical/political issues that otherwise would continue the drive higher.
I do not focus on shorts here because the overall trend is for Gold to soar. For those who are looking to short and gain a few hundred dollars here and there and hope you can get a good re-entry - trade at your own risk. Generally, many people lose money in the long-run when shorting metallics, therefore, I do not recommend it.
I am eyeing 1500 no later than the end of August. Moreover, once Gold hits 1500, I expect Silver to reach 17. Once Silver reaches 17 it will soar very quickly to at-least 20-21 and from there, end up working on the 88:1 ratio.
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As always, be careful selling off as there are always fake breakouts on the downside that will try to sway typical investors out of Gold so the big money can swoop in for grabs. Recall our last fake out down to 1402...
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The USA is entering quantitative easing and back down to 0 and under no circumstances should we expect Gold to tank. Retracements? Yes. Contingent on the fact that negative yields around the world being present; global economic numbers beginning to dwindle; Manufacturing data being abysmal and epic currency devaluation, we can expect in the long run, for Gold to go way higher.
Further, markets will be volatile and trend overall, on the downside in order to sway the Fed to cut in mid September to keep this overextended bubble going.
- zSplit
