Gold: Next Stop $1,450?
Gold: Next Stop $1,450? by Rory for The Daily Coin
Gold climbed all the way to $1,410 before the cabal made a weak challenge. However, if you look at the chart you will see the area of concern – the movement just before the London market opened. Nice climb upwards, then a drop into the open, followed by the current rise. Not sure if we are going to see a smack down, it should’ve already happened – or at least the prelude to a smack down. We could see the opportunity of last resort around 2:30pm EST – another favorite of the cabal. Just watch the charts on the home page to see what happens. Right now we are looking pretty solid above $1,400 and even more of the “big money” people came out over the weekend to support the idea of gold (and silver) going much higher in the near term.
“Gold’s stay above the psychological $1400 mark highlights the cautionary tone across various asset classes on Monday. Rising geopolitical tensions as well as the uncertainty over the U.S.-China standoff ensure that safe haven assets remain in a supportive environment for the time being,” said Han Tan, market analyst at FXTM, in a note to clients.
UBS strategists Joni Teves and Roque Montero on Monday lifted their three-month gold target to $1,430 from $1,380 an ounce. “A few years and several false starts later, we think the macro backdrop has now started moving more convincingly in gold’s favor,” the analysts said, though they added that the route for gold is “unlikely to be a straight path higher.”
They still maintain gold will end the year under that $1,400 level, lifting their end-year target to $1,370 from $1,325 an ounce. Their end-2020 forecast was lifted to $1,450 from $1,350, and from 2021 to 2023, the strategists expect gold to end those years at $1,500. Source
It will be interesting to see how the day plays out as gold seems to be putting up a good fight. The geopolitical and economic activities at home, and around the world, are support for what is happening with the gold market right now. What we are going to see in the near future is the unfolding of the gold backed cryptocurrency that we have been reporting on. We believe this supports what the “big money” people are seeing coming down the pike in 2021 to 2023 timeframe. Remember, we have placed a target on this timeframe as well. We have stated gold will be moving into unchartered territory during this two year span. We do not see gold at $1,500 but something much, much higher.