#Bitcoin
dump,
#Gold
pump? If Bitcoin and Gold continue inverse correlation then Bitcoin is set to have a deep correction 80 - 85% (same like after 2017 peak) and gold is set to have a strong surge towards $2,300 level!
It took China two decades to accumulate $3.3 trillion worth of national reserves; however, the US Federal Reserve "printed" the same amount of money out of nothing just in the last 12 months!
This chart demonstrates perfect inverse correlation between
#GOLD
and
#Bitcoin
. As gold added 12% since March 2021, Bitcoin lost nearly 50% during the same period - this clearly demonstrates that bitcoin is 4 times as volatile as gold...
Gold presently (2021) breaking-out from a triangle shape formation in the same way it did back in 2009. If pattern repeats then gold is set to more than double in price over the years to come. Most interesting part have not even started yet...
Junior silver miners
#SILJ
($15.53) added 3.5% on April 6, 2021 and continues to trade within bullish flag shape formation. Resistance come at around $17 - 17.25 level (red) and if broken could take index to new highs. Support comes at $14 and below!
Brent oil (B, weekly $69.93) is approaching a 12-year long resistance line. I expect Brent oil to top around $72 - 77 level either from grey or red colored resistance and sell-off to $50 - 55 level.
#Gold
(XAUUSD, $1,730) is readying to advance towards it first resistance line at $1,755/65. A small pull back is likely to come after the first resistance line is tested. Then I expect gold to advance towards $1,800 level, the key resistance level (red)
Brent oil (B, $71.78) is breaking the upper band (red) of the megaphone pattern. If this break-out holds then Brent oil is about to make a significant move higher over the coming days and weeks.
#S
&P 500 weekly (US500, $3,943) averaged 40% annual gain and experienced four major corrections each on average 16% - 21% over the past 12 years. The upper band (red) offers minor support, dashed line offers strong support for any forthcoming correction.
#Silver
, (XAGUSD $25.99) continues to trade within 8-month contracting triangle. Following the break-out from a wedge pattern (dashed) early April, target for silver is $27.75, however, expect pullback to $25.5 - 25.65 area first prior to advance!
#Silver
(XAGUSD, $27.43) having tested the upper band (red) of the triangle formation backed off. The likely price action is that silver corrects towards $25.75 - 26.25 over the coming weeks before it resumes advance and breaks upside towards $30!
Medium term outlook.
#Silver
(XAGUSD, $26.13) is consolidating gains after breaking out in June 2020 form a 7-year basing. On the next impulsive advance, Silver is likely to clear $35 mark, which would represent 35% gain from the present levels.
Gold (XAUUSD, $1,780) is likely repeating last year's pattern when it bottomed in March and peaked in August of 2020 adding 42%. If gold put in place a bottom in March of 2021 then it is likely to peak in August - September making new all-time high!
Bitcoin (BTCUSD, $60,908) after clearing all-time high last week backed-off. Interestingly in 2 previous occasions in 2020 bitcoin blasted-through previous highs, never coming back. However, this time bitcoin shows a different price pattern! Could it be a sign of a correction?
US Dollar Index is set to strengthen towards $95 - 96 over the coming months to test a 10-year trendline, which was broken in summer of 2020. Then I expect DX to top and resume decline towards $85 by 2022.
Gold (XAUUSD, $1,694) is set to test key level at $1,670/90 where three major support lines converge. I expect gold to spike lower and reverse sharply from $1,670, which should coincide with US 30-year bond yields peaking at 2.4 - 2.5%.
#EURUSD
, (1.1898) after breaking upside a 13-year trendline in the summer of 2020 is presently correcting to re-test its former resistance, which should act as a support. If held at re-test, EURUSD is likely to advance towards 1.3500 level over 12 - 18 months
#Gold
(XAUUSD, $1,743) broke upside a 3-month long resistance (red) at which it capitulated every time previously. If this break-out is legitimate then gold will first clear $1,765 and then $1,785. Support comes at $1,725/30.
Gold (XAUUSD, $1,692) poked the upper band (red) of the falling wedge pattern. It looks like that gold had bottomed at $1,677 and if the ongoing break-out is legitimate then gold could advance to $1,756 over the coming days.
Gold (XAUUSD, $1,727) having bottomed at $1,676 and made a higher low is set to face its first major resistance (blue) early next week.
#Gold
is likely to overcome this resistance, which should open way to $1,755 - 1,785 level.
#Gold
(XAUUSD, $1,710) having tested and held at the lower boundary of the formation (blue), is likely to advance towards $1,800 level, where it will face a key test at major resistance (red) from where it capitulated previously every time.
#Gold
(XAUUSD, $1,744) more than likely is set to rise towards my standing targets of $1,765 and $1,785 after a brief spike lower today (shake-out) - today's inflation data came out well above consensus.
#Gold
(XAUUSD, $1,684) after an intense sell-off is testing a 2-year long major rising support line. Failure to hold at the support trendline will take gold to $1,655 - 1,660 area. It is a critical level for gold!
#Silver
(XAGUSD, $25.60) broken out from the falling wedge pattern and remained above the upper band (red) for the second day. This gives confidence that silver is likely to rise above $27 dollars over the coming weeks.
Senior Gold Miners
#GDX
# ($34.21) paused the advance on March 17, 2021having hit the upper band (red) of the 8-month long flag shape formation. GDX has to overcome resistance at double upper line (red) at $34.5 - 35.5 for any meaningful advance.
As US 30-year bond
#yields
approaching a multi decade trendline resistance and a 200-day moving average with RSI in extremely overbought territory I would expect that
#gold
and
#silver
are about to bottom very soon!
#Gold
(XAUUSD, $1,736) having successfully held at re-test, established a Rising Channel formation. Gold is likely to grind higher towards the upper band of the channel (red) over the coming days.
Senior gold miners GDX is re-testing its 7-year previous resistance trendline (grey), which should now act as a support.
#GDX
is also sitting on a 100-day moving average (blue). GDX is bottoming if not bottomed and this signals soon reversal in
#Gold
.
Gold's most recent consolidation suggests a bullish outcome with break-out upside. Note that previous consolidations with declining bottom resulted as well in bullish outcome. Unlike 2012 one, which had flat bottom and resulted in false break-out marking a start of a bear market
Gold vs Dollar
Comparative chart between
#Gold
and
#Dollar
over the last two decades demonstrates that Gold could rise on the back of a strong Dollar. Therefore, rising Dollar is not a stopper for Gold since the latter is not only commodity but also MONEY!
#Gold
(XAUUSD, $1,738) breaks the upper band of the 3-month channel formation, but advance does not follow through. This suggests that gold will continue range trading for a couple of days. Standing targets $1,765 & $1,785 in place; support at $1,720/25.
Gold (XAUUSD, $1,707) is presently forming a right shoulder of the Inverse Head & Shoulder pattern. If the right shoulder holds around $1,699 - 1,709 then
#gold
is likely to advance towards standing target of $1,756.
#Gold
(XAUUSD, $1,832) could blast through a triple top and explode to $2,600 level within 3-6 months.
Back in 2020, gold rose 43% within less than 5 months.
If gold starts to move now after 3-year of sideways consolidation, it could gain same 43% or reach $2,600 quicker than it
US 30-year interest rates (US30YT, 2,437%) closed just under a 200-day day moving average (blue) with RSI "screaming" overbought. RSI has been this high only once in the past 35 years-back in 1994. Yields should face key challenge at 35 year long resistance
#Gold
(XAUUSD, $1,728) is trading at key resistance level ahead of a likely move higher. Prior to the expected advance towards my standing target of $1,756, I would not rule out a sharp sell-off towards $1,717- 1,721 area.
Gold long term
Gold started its present bull run in 2015 and likely to produce at least $1650 advance, same as the one that started in 2001 and ended in 2011.
1st target for gold is $2,300 at the upper band of the formation likely in 2022.
2nd target $2,700 perhaps by 2023!
#Gold
(XAUUSD, $1,729) after reaching my standing target of $1,756 sold-off as expected. Now gold is re-testing previous resistance (grey), which should act as a support. If gold holds at re-test $1,723/27 then next target for gold is $1,785.
US 10-year treasury yields (US10YT, 1,89%) has reached a 25-year resistance trendline. It does not look like that yields do have much potential to go higher - at most another false break-out!
Senior Gold Miners
#GDX
($33.22) has poked through an 8-month resistance (red). Previous 3 break-out attempts were false ones. If the ongoing break-out proves to be legitimate then GDX could have a quick surge to $40 level.
#Gold
is on the cusps of a historic move. Once gold passes $2,100, there is no turning back...
Last time gold broke out after 1300 days of consolidation. Same story to repeat?
EURUSD (1.086) broke down a 22-year long trendline. If EURUSD does not bounce back up then it would be the first weekly close under primary rising support line.
EUR could be on its path to parity with USD!
#GOLD
long-term forecast
Although PM sentiment is terrible, gold is doing exactly what it did back in 2008 - 2009. After 18-month consolidation it broke-out and advanced 90%.
Present set-up suggests that gold is likely to reach $3,000 mark by 2023!
I cannot wait for markets to open. Precious metals look like starting a very intense bull run. September to November 2024 is going to be a well deserved and fun ride for gold bugs…
Senior gold miner (GDX, $32.77) added 1.55% on March 26 despite gold trading practically flat.
#GDX
is forming an inverse Head & Shoulders reversal pattern after 8-month decline. Expect strong advance in gold and GDX over the next week.
#Bitcoin
(BTCUSD, $21.1k) lost 75% within 31 weeks having tested a 2017 December top. If Bitcoin does not find support at present levels, which is unlikely the next reasonable support levels comes at $12k...
#Gold
(XAUUSD, $1,724) is up against a 3-month resistance (red) of the falling channel formation. Gold overcoming this immediate resistance will take it towards standing target of $1,765 over the coming days.
#Gold
(XAUUSD, $1,746) successfully held at re-test (red) following the break-out. Price action looks very constructive and gold is likely to reach my standing target of $1,785 already in April.
Gold (XAUUSD, $1,850) is presently trading within mid cycle consolidation, which is the most painful part that requires patience & patience only.
Once gold breaks out of this consolidation, it will advance within 3 years towards $2,700 - 3,000 target!
What happened to PM mining sector over the passing week is an absolute disgrace. 2-month gains were erased in a matter of 3 business days.
The only purpose is to drive as many investors as possible out from this sector to make a small group beneficiary of the coming Mega gains!
Silver legitimately and decisively broken out from a multi-year consolidation. Since yesterday, the metal added 7.5%.
My intermediate target is $35 - 37 area...
#Silver
(XAGUSD, $25.48) broke a 3.5-year resistance this week. Last time silver broke a year-long resistance, it rose 60% within 4 weeks.
I wonder where silver headed after breaking a 3.5-year resistance.
Can silver deliver 40% in the next 4 weeks and reach $35?
Gold is breaking out in a weekly chart. First I expect gold to run to $2,650 then pause to consolidate and the very fast run in a parabolic price action to $3,000...
Gold's path to $2,700!
Present set up reminds of 2009 - 2011 when gold price doubled over 2 years.
Would not be surprised to see gold hit $2,700 within 12 months from now!
#Gold
(XAUUSD, $1,739) continues to trade within ascending (blue) wedge formation after breaking-out from the falling channel formation (dashed). Sharp pull back to $1,720/25 level and quick reversal back above $1,735/40 is likely to happen anytime.
Bitcoin (BTCUSD, $47k) is trading at key resistance, which is a confluence zone of two trendlines. Also, bitcoin is presently forming a Right shoulder of the Head & Shoulder formation. If resistance holds then immediate target for bitcoin is 36.5k!
#GOLD
(XAUUSD, $1,973) is getting ready first to retake psychological $2,000 barrier and then overcome a double top resistance level standing above $2,073 mark.
Initial target would be $2,150 then sharp sell-off to re-test a double top and surge to $2,350 - 2,500 level!
Gold rallied 20% within 8 weeks from February to April 2024 and since then consolidated for 19 weeks. Over the passing week, gold rallied already 3.5% and I expect the party to continue into mid November with target of $3,000...
#Gold
having bottomed in March 2021 is set to test all-time high late 2021 early 2022 and likely to reach $2,300 price target in 2022. Once gold reaches $1,950 level, expect 2-3 month long consolidation, which should be followed by a strong move up!
Gold (XAUUSD, $1,876) legitimately broke out from the triangle formation. I would expect a further push towards $1,900-1,925 before the metal reverses back towards $1,850 level to retest the upper back of the triangle. Big move is likely to start in March of 2022!
Silver (XAGUSD, $25.52) is on the verge of a strong move higher with initial target of $30.
A 20% rally in gold taking it to $2,350 could push silver 40% towards $35 mark!
Silver could shot up to $35 in 2-3 weeks from present price level. This would constitute 25%. Which means gold could rally to $2,600 plus. Expect a wild August in metals…
Gold vs US Dollar
As Dollar is putting in place a top gold is likely forming a long term bottom:
2017 2020 2022
Dollar 103.8 103.9 105.5
Gold 1,150 1,450 1,800
Presently gold is 55% vs 2017 while Dollar price unchanged
#Gold
#Dollar
I believe gold and silver are going through a bottoming process after which they will rally up to $2,900 and $44 by August 2024 respectively. Going to start slow and then translate into a parabolic advance…
This is my personal expectation!
#Gold
(XAUUSD, $1,923) rally towards my $2,600 target could happen in 3 waves over the coming 5-7 months.
My first target is $2,125 by October 2023 from present price level as it is typical for gold to produce 10-12% within 30 - 45 days from initial breakout.
Second target is
Gold on a monthly just looks perfect. A classic textbook breakout. This breakout is not going to pause until it reaches at least $2,350 - 2,400 IMO.
My 2024 gold target is $3,000. Things are just starting...
#Gold
(XAUUSD, $1,927) finally broke out from a 6-month descending wedge and likely it will not stop here. Towards the end of the next week I expect it to reach $2,000 mark, following which I expect a consolidation before it breaks higher to all-time high...
#Silver
(XAGUSD, $23.79) is about to explode the same like in 2010. Back then, silver nearly doubled within 8-9 months. I believe, once breakout happens, silver could reach $45 by summer 2024...
Gold (XAUUSD, $1,858) finally broke the upper band (red) of 18-month formation. Gold miners are not following the rally so I expect a max run towards $1,900 level and then sell-off back to retest $1,835-1,850 zone. Following which a mega rally starts to $2,300!
#Gold
(XAUUSD, $1,687) is forming a double bottom around critical 2-year support $1,675 - 1,685. Gold is solidifying this support once again. I do not expect a breakdown - present decline is a final attempt to drive out weak hands. IMO gold will hit $2000 by mid November!