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April 23rd, 2020: GOLD Historical View and Possible Alternate Path

Posted by pugsma on April 23, 2020

For several years now, I’ve been looking for Gold  (GLD) to top out in this $1600 to $1700 area (GLD $160 to $170) and head to new lows below $1000 (GLD below $100).

However, now that Gold prices are here at $1750, it looks like the upward momentum (see MACD on GLD Monthly charrt) is far too strong to reverse.   In fact I can see a pattern on both the historical Gold chart and the monthly GLD chart that takes Gold above $2000 (GLD above $200).

This makes some sense with all the unexpected US Federal Reverse stimulus ($6 to $10 Trillion) coming in to the markets over the next year or two.

Gold Historical Chart:

Gold Technical Analysis

GLD Monthly Chart:

Gold Technical Analysis

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