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Gold


Katwomyn

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my friendly chartist/ tea leaves exhumer, Jonathan Pain, has been banging on about gold for a while. So far he's close to the mark.

Latest Weekly says:

When I look at [the] chart I see a long period of consolidation, or basing, between early 2013 and mid to late 2019.

 

I canâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢t remember when I first said that I thought gold could reach $1,800 in 2020, but that is where I think it is heading.

 

Gold has been the classic safe haven asset that it is meant to be, since the outbreak of the coronavirus.

 

Particularly noteworthy is that gold has risen sharply despite the strength in the US$

 

As you know there is, traditionally, an inverse relationship between gold and the U.S dollar.

 

Not this time.

 

Similarly, as myself and others have pointed out, gold looks increasingly attractive in a world of low nominal and real yields as it is a zero yielding asset.

 

The undeniable safe haven and diversification qualities exhibited by gold over the past few months will no doubt have caught the attention of asset allocators all across the world.

 

All of this tells me that gold is going to get a lot of attention in the weeks and months ahead.

 

In fact I predict that gold will be a topic of BBQ conversation in the very near future.

 

I felt a bit vulnerable when I said I thought we could see $1,800 this year and now sense the 2011 highs will be seen by the time this is all over.

 

I have been suggesting that you stay long gold for some time and I do hope that many of you have

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Hey EB, Hope you are well and still taking risks.

Anyone trading gold last night would have been up till 2am AEDT to get that break of support. Not sure what caused it, I guess a lot of stopswere being hit. Bounce off 1562s support, but it would be a risky Long trade as main support may be down at 1545s, a possible Daily sup.Will watch Mondays open as there would be still a few Gold Bulls hanging around, looking to push it higher. Maybe a 4H close above 50 Fiblevel on last big bear candle before any long trade.

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