Gold Forecast – Major Buying Opportunity Arriving in September
gold forecast supporting a spike-high during the first week of August was timely, as gold peaked August 7th at $2089.20. Prices are now descending into the next 6-month low, and we see the potential for a sharp decline. Long-term investors may want to consider buying a pullback that nears the 200-day MA.” data-reactid=”12″>Our gold forecast supporting a spike-high during the first week of August was timely, as gold peaked August 7th at $2089.20. Prices are now descending into the next 6-month low, and we see the potential for a sharp decline. Long-term investors may want to consider buying a pullback that nears the 200-day MA.
In a nutshell, it is probably a good idea to buy any significant pullback in gold for the foreseeable future. We also like silver and platinum. Physical metals (coins) are preferred as shortages will probably worsen as the bull market progresses. Finding quality bullion could be difficult or even impossible down the road.
Metals Market Annual Recap, I noted how record low coin sales in 2019 was a bullish indicator. That turned out to be incredibly accurate, as demand has soared in 2020. Below is a snippet from that article.” data-reactid=”35″>GOLD COIN SALES: In last year’s Metals Market Annual Recap, I noted how record low coin sales in 2019 was a bullish indicator. That turned out to be incredibly accurate, as demand has soared in 2020. Below is a snippet from that article.
The investment demand for physical gold was low, especially in the US in 2019. In its 33-year history, the US mint produced the least amount of gold eagle coins ever – just 152,000 ounces. That’s a decrease of about 85% from the 985,000 ounces created in 2016. Note: I view this as an incredibly bullish (contrary) indicator. Despite gold’s obvious breakout – the average investor remains oblivious.
Our gold cycle indicator is waning after peaking in August. The next buying opportunity in precious metals will arrive when it slips back below 100.
Platinum remains extremely undervalued and should begin to play catch up to silver and gold during the next advance.
here.” data-reactid=”76″>AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more information, please visit here.
economic calendar.” data-reactid=”77″>For a look at all of today’s economic events, check out our economic calendar.
article was originally posted on FX Empire” data-reactid=”78″>This article was originally posted on FX Empire
