My initial target of $2428 for gold last year was exceeded before consolidation. I expect we will likely move up to the $2700 region in gold in the coming weeks.
I’ve set a $2300-$2365 buy zone for gold, which is almost reached. With most mining stocks and silver bullion overbought, I suggest buying in the gold buy zone, but in very modest amounts.
Despite not feeling like it, the market is up 0.11% weekly. It shows a bearish trend with resistance at the 18-day average. A close above $2387.5 might indicate gold stabilizing.
When die-hard bears turn bullish, look out for a potential market top, as it likely means the overly bullish pervasive sentiment has even affected them.
Gold has gained 710% since 2000. Gold has been a safe haven for over 5,000 years. Cryptos are virtual and still beset with hacks, scams, money laundering, and more.
The gold market is still very bullish. The average is moving right now at $2228. The week before it was $2211 and the week before, $2194...it's moving 14-15 points at a time.
