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Gold Price Forecast – A Quick Spike Lower Equals Massive Buying Opportunity

By:
AG Thorson
Published: Feb 18, 2021, 15:15 GMT+00:00

Gold has been in a downtrend since August 2020. Investors are turning bearish, and we could see a selling climax in the coming days.

Gold

In this article:

Our gold cycle indicator is near its maximum bullish reading, and we expect a bottom forthwith.

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Note- Our Gold Cycle Indicator finished at 7 (seven) and we could get a maximum bullish reading of zero in the coming days.

It is important to note that gold is approaching its pre-COVID high of $1700. I doubt prices will stay here long considering the trillions of dollars printed since then.

GOLD DAILY CHART

The pre-COVID-19 high in gold was around $1700, and that was before the US began printing $1 trillion a month. Any decline close to that area is considered a long-term buying opportunity.

Prices are nearing massive support between $1700 and $1765. Our work expects a bottom in the coming days. Buying anywhere near the pre-COVID highs is a fantastic opportunity, in our opinion.

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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 frequent updates please visit here.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

AG Thorsoncontributor

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 that will begin to unravel in 2020.

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