Since the last update on Gold, the price hit the target yesterday at $3,337.
Not only has it been awesome buying and investing in gold stocks, but also trading Gold upside with day trading has been a dream.
So why has gold been going up and what’s next?
Central banks are buying tons of gold, especially China — big demand!
Global tension’s heating up (Middle East, Russia, Taiwan) — so gold’s the safe haven.
Weak USD & interest rate cut hopes make gold more attractive.
Inflation fears aren’t gone, so people hedge with gold.
Breakout above resistance means traders are piling in for momentum.
Technicals say that the price is going to continue up. It is going up with a slingshot formation of over 60 degrees steep.
But if the uptrend holds, we will continue to see it hit the next target at $3,443.
Not huge but it’s something. Let’s see.
Disclosure: I am part of Trade Nation’s Influencer program and receive a monthly fee for using their TradingView charts in my analysis.