Hello Community,
Technical:
Please see my current idea on Gold where my overall count (weekly chart), suggests an impact of our major wave 5 at the $ 2500 area, which is equal to the 0.618 Fibonacci extension.
Fundamentals:
We are currently in an inflationary environment, which we know should be good for gold. However, gold has failed to test its all-time highs, despite the burden of inflation. The sideways movement that we have known for a few months is due to the technical aspects. I think that given the current fundamental circumstances, the price of gold could make new highs as inflation, once it emerges, won't go away anytime soon. Unfortunately, drastic interest rate hikes will not help either. Central banks should realize and know this, that is why I am expecting them to increase their gold reserves in the coming months, which should help gold prices to rise.
This is no financial advice.
RT
Technical:
Please see my current idea on Gold where my overall count (weekly chart), suggests an impact of our major wave 5 at the $ 2500 area, which is equal to the 0.618 Fibonacci extension.
Fundamentals:
We are currently in an inflationary environment, which we know should be good for gold. However, gold has failed to test its all-time highs, despite the burden of inflation. The sideways movement that we have known for a few months is due to the technical aspects. I think that given the current fundamental circumstances, the price of gold could make new highs as inflation, once it emerges, won't go away anytime soon. Unfortunately, drastic interest rate hikes will not help either. Central banks should realize and know this, that is why I am expecting them to increase their gold reserves in the coming months, which should help gold prices to rise.
This is no financial advice.
RT