3 Charts: Gold breaks new record: Cracks $2,000 per Oz – Gold surged 30% in 2020!!! – My Comments
(005320.38-:E-003569.93:N-HO:R-SU:C-30:V)
IMPORTANT: FROM JAN: THE CANADIAN GOVERNMENT CANCELLED MY VISA
You will remember that in April 2024, before I climbed on a plane to fly to the USA and Canada, that the US Government suddenly cancelled my VISA and I was prevented from climbing on a plane.
[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: How the Jews and Russians taught the Blacks Propaganda and Communism
In this video we take a really close look at what the Jews and the Russians taught the Blacks who wanted to fight the Whites in South Africa. What exactly did the Jews, like Joe Slovo, tell the Blacks? What exactly were the Russians hoping to achieve in southern Africa in general and in South Africa in particular? How do the Blacks of southern Africa view Putin today and the Russians now?