3 Charts: Gold breaks new record: Cracks $2,000 per Oz – Gold surged 30% in 2020!!! – My Comments
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White Shop: Rhodesia is Super T-Shirt
In the 1970s Rhodesia came up with this logo with this cute little elephant. There were LOTS of elephants in Rhodesia and the Whites were proud of that. The classic elephant and flag logo used by the Rhodesian Tourism authority in the 1970s and 1980s to promote tourism to that country.
[Gold has been going up in an incredible rally that is unlike anything anyone expected. And it broke the never-before-seen level of $2,000 a few days ago! This is fantastic. Jan]
Gold’s mega rally took another upturn on Tuesday as it surpassed another major hurdle at $2,000 per ounce.
Spot gold advanced 1.4% to $2,004.97 per ounce by 3:20 p.m. EDT, after reaching an intraday high of $2,009.20 earlier.
BULLION HAS SURGED MORE THAN 30% SO FAR THIS YEAR AND IS ONE OF THE BEST-PERFORMING ASSETS IN 2020
Bullion has surged more than 30% so far this year to a record high and is one of the best-performing assets in 2020 as a result of increased safe-haven demand during the coronavirus pandemic.
Investors are driven by the belief that the metal will hold its value better than other assets as fallout from covid-19 ripples through the global economy.
In the US, the world’s largest economy, central bank stimulus has pushed inflation-adjusted bond yields to record lows, making non-yielding gold more attractive. The dollar has also weakened sharply, making bullion cheaper for buyers with other currencies.
Gold breakout
Source: Reuters
“The never-before-reached $2,000/oz is a major psychological resistance level, with gold’s 49-year trend channel resting just below it at $1,983,” said Commerzbank technical analyst Karen Jones.
“Only an end-of-month or, better yet, end-of-quarter close above these levels will signal a break from the channel,” she added.
However, because the rally has been so fast, a downward correction is likely and could be brutal, analysts said, before the market attempts another stab higher.
Source: Reuters
Early support is coming in around its 20-day moving average at $1,875 and the bottom of its 4-month uptrend around $1,830.
“Below that is more powerful support at the 20-week moving average, currently at $1,755,” said Tom Pelc, an independent technical analyst, formerly of Nomura and RBS.
Such a fall would not necessarily equate doom the longer-term uptrend, analysts posited.
Source: Reuters
“We continue to see this improving volatility backdrop, so there’s no sign that the long-term trend is changing,” said Richard Adcock, a former UBS and now independent technical analyst. “The market can carry on higher than people expect.”
If resistance is broken, Fibonacci extensions offer short-term targets. These are based on the idea that a rally will extend in predictable proportions extrapolated from a previous rally.
“One is at $2,067, another comes in at $2,286,” said Pelc.
“Lucas ratios — a tool using a sequence of numbers similar to Fibonacci’s — suggest gold could rise to $3,598.80 an ounce in 4-5 years,” he added.
Source: https://www.mining.com/gold-price-rally-testing-2000-hurdle/
Video: When Belgium, White Africans & Blacks fought the Evil Communist Loving UN
This is the strange story of how the Belgians were forced out of their own colony by the globalist United Nations and how America sided with communists. Facing them were Blacks who were supported by the Belgians, South Africans and Rhodesians.