Investors should be far more focused on key zones to buy...$4100, $3900, and $3500 are zones beneath the current price where eager gold money investors can take bold buy-side action.
Ira Epstein discusses the current state of the metal markets, highlighting a downtrend, particularly in silver, which has dropped from $88 to $74 an ounce.
Epstein notes significant fluctuations in gold and silver prices, with gold experiencing a rally despite a prevailing downtrend and silver recovering slightly after a substantial drop.
South Africa’s gold production rose 17.1% year-over-year in March versus 12.8% in February, according to Statistics South Africa. Mining production rose 2.5% YoY vs. 9.7% in February...
Our E wave down of a larger ABCDE-type correction may not yet be finished. If correct, that support at the recent low of $4,500 may not hold and we could fall further to $4,300.
Epstein examines market movements, noting the fluctuations in gold, silver, and metals, and the influence of rising interest rates, which could draw money away from riskier investments.
Investment in physical gold and physical assets is for the long term and should not be confused with short-term investments...do not worry if the price consolidates for a very long time.
Still, Gold is defying (or at least so trying) its downtrending. To Gold’s weekly bars we go from a year ago-to-date, the red-dotted parabolic Short trend having now completed a ninth week.
Despite soaring with their metal in recent years, gold stocks still need to continue revaluing higher to reflect their stellar fundamentals in this gold regime.
