GOOLLLDDDDD!!!!!
Updated
Interesting times ahead with all the talk of the next big recession on the horizon and many markets reaching ath's and taking big dives, governments falling deeper and deeper into debt, housing markets long over due for a downturn and the banks playing all sorts of buggery on interest rates.....
Its a little known fact that GOLD and other rare commodities can be a safe haven hedge during economical crisis, silver, oil, uranium, lithium etc
Gold has rising almost 30% since its retracement low late 2015 and is now IMO at a key level of break out, not just from an overall down trend but a key level of resistance thats failed to break 5 times since mid 2016.
As the global economical climate draws closer to boiling point i wonder if this will be the catalyst to cause a break out?
40% + push back to previous ATH in sep 2011 after the run up from the last recession, some 600% from the very start of the tech boom or ......dot.com bubble...
Interesting times ahead, but gold not just being a rare desirable metal but having many use cases in computer circuitry, jewelry, medical and aerospace engineering makes it not just a speculative market but something of real use case giving it an intrinsic value unlike...FIAT CURRENCY.
change my mind :)
Its a little known fact that GOLD and other rare commodities can be a safe haven hedge during economical crisis, silver, oil, uranium, lithium etc
Gold has rising almost 30% since its retracement low late 2015 and is now IMO at a key level of break out, not just from an overall down trend but a key level of resistance thats failed to break 5 times since mid 2016.
As the global economical climate draws closer to boiling point i wonder if this will be the catalyst to cause a break out?
40% + push back to previous ATH in sep 2011 after the run up from the last recession, some 600% from the very start of the tech boom or ......dot.com bubble...
Interesting times ahead, but gold not just being a rare desirable metal but having many use cases in computer circuitry, jewelry, medical and aerospace engineering makes it not just a speculative market but something of real use case giving it an intrinsic value unlike...FIAT CURRENCY.
change my mind :)
Comment
Just revisiting this analysis some months later after seeing the bearish divergence play out on the weekly we had a retracement to retest that downtrend broken in January and test as support mid-May, since then its been a rocket smashing through multiple levels of resistance.The current weekly candle is sitting over the major resistance at $1356 USD.
If this weekly can close above and the next candle doesn't open super bearish, that's our confirmation of the breakout and I can see us returning to 2011 highs within the next 12 months....
Big call? maybe but better than saying could go up, could go down, could go sideways and then claiming im right in hindsight.. :)
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Comment
GOLD!!! breaking down fib levels and still chugging to ATH, bring it on baby, recession has begun.
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