Goldman Sach Just Jumped On The Wagon
About one month ago, I noticed what looked like a smiley face…a bottoming pattern forming on Gold.
Metal Analysis Report 12-7-18...Do You See What I See???
YES, YES, the chart is suggesting price is forming a bottom and also broke the daily down trendline last month.
Then three weeks later, I noticed some bullish unusual option activity on Newmont Mining. But more importantly, the bottoming pattern was confirmed by the specific pattern that I look for in reversals.
Unusual Options Activity In Newmont Mining
Then a week later Jim Cramer jumped on the bandwagon. CNBC’s Jim Cramer said on his show, Mad Money that he was frustrated about the Federal Reserve’s policy decisions and recommended that investors buy into the bull market in gold. By that time, price broke out and was approaching my first short term target at the daily supply of $1270.
Others Are Jumping Onto The Gold Bandwagon Too
And just this past week, Bloomberg reported that Goldman Sach is forecasting gold prices moving higher within the next 12 months.
Goldman Sachs Group Inc. is leading a pack of bullish voices cheering for gold. The bank’s analysts led by Jeffrey Currie raised their price forecast for gold, predicting that over 12 months the metal will climb to $1,425 an ounce -- a level not seen in more than five years.
This post has nothing to do about me being right on this call, besides trading is nothing more than a probability game. What I want you to take away from this post is that price action trumps everything and that news/media is nothing more than a lagging indicator.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
The gold bull is definitely getting support from the talking heads. My top financial newsletters were on this months ago. I have a large portfolio of gold/silver etc., exploration and mining companies, many of which have a 10% ownership by billionaire Eric Sprott, one of the top resource investors over the past 40 years. I expect my pain since 2015 is about to start paying off. I had a nice run in 2016, but didn't expect such a long and deep correction from the June highs. I'm smarter and better positioned this time and ready to trade out of positions after big up moves.
I think gold is going to rise handsomely because there are some many issues with the debt in the US which hasn't surfaced yet, but when it does, your pain, will be your gain.
Always good to rebalance the portfolio every once in a while and I am sure that gold and silver are under allocated to given the market being somewhat manipulated on the futures contracts. However, some unwinding could lead to some short covering and moves higher!
Posted using Partiko iOS
Agree, as more people start buying gold, that should only push prices up further.
Congratulations @rollandthomas! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click here to view your Board
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
i agree i had forecast the price rise in gold in October @$1206
Update Advised Long on Gold/Dollar (XAU/USD) 11th Oct ($1206) -> 14th Jan($1294) +7.29%