Gold and crypto pairs have been on a tear recently due to several factors and one of them being inflation. Some analysts are calling for a prolonged run in demand for the precious metal and a $3000 per oz price in under a year.
I think that gold has been due for a run to the upside for some time, but price kept getting shut down by mixed economic sentiment and a chugging stock market. The dollar gained lots of demand too when things became very uncertain in the past couple months. Now, the Fed is more clear about when they will taper and raise rates which is starting to give the green light for most gold investors.
Price coming up for a second test on resistance around $1812 on the 1D chart. It still seems bullish for the metal now that the pair still sits above the 50 and 200-day moving average. This staircase-like move from the lows of the $1720s suggests another move higher from $1812 to the next resistance level around $1830s.
12/2/2021 US equities fell 5% from the highs after fears of a new coronavirus variant emerged and the first case was recorded in the US. SPX500 is up .10% on the day at the time of writing this. Our outlook The new omicron variant is definitely concerning most investors right now as the US will […]
Check out my previous G/U deep dive from early October here to see how we have progressed... Technical Outlook: Price has mainly been travelling in channels throughout the past year. As we saw the ascending channel formed post-Covid last year, price began retesting all previous key horizontal levels. Over the past couple of months, price has […]
11/30/2021 Gold price rose 0.59% on the day at the time of writing this in light of the uncertainty surrounding the Fed's policy towards the new variant and tapering of asset purchases. Our outlook I think gold will likely see some green today as the virus concerns can cause a slow in growth since the […]