Gold Spot Price History: Will Gold Continue Trending Upwards

Gold Spot Price History: Is Gold Going To Continue Trending Upwards

Gold Spot Price History: Is The Trend Still Strong

Take a chance! All life is a chance. The man who goes the furthest is generally
the one who is willing to do and dare. The “sure thing” boat never gets far from shore.
Dale Carnegie
1888-1955, American Author, Trainer

Updated April 2023

The 450 zones provided an incredible amount of resistance, and now that it has been overcome, the long-term picture looks rather interesting for gold. Usually, a break out such as this results in a test of the resistance zone; however, due to the current geopolitical situation, this might not occur. However, if the current geopolitical situation had to change even temporarily, Gold would most likely pull back very fast to test the 450 range; gold would then become a screaming buy. Please don’t sit there holding your breath for the above situation to unfold; should Gold drop to this level, look at it as a huge free bonus and load up.

Engaging Read: Technical Analysis Of Stocks And Commodities

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Gold Spot Price History and New Targets

Please do not let these targets activate the greed demon within; running out there and dumping all your money into gold is not wise. No matter how good the investment looks, one should never put all their eggs in one basket. History so eloquently illustrates that those who fail to observe this simple rule usually have empty pockets. Remember that these are very long-term targets; hence do not expect them to be hit overnight.

Next zone Major of resistance is 720 (there are other zones in between, but we are looking at the long-term picture right now); a break past this should take gold to the 830-870 ranges.

2nd target will be a test of the old highs followed by a pretty rapid pullback and some sideways action; Gold will then be ready to test the 1200 zone.

The Extreme target, for now,  is 1800 dollars.

General Themes Surrounding the Gold and Precious Metals Markets

While Gold is not at the ideal entry point, such points do not occur often; one such time was during the 2002- early 2003 period. In light of this, it would make sense to start nibbling at Gold now for those with no positions intending to add to these positions if Gold should correct further. Another major reason we are actually advocating the purchase of bullion after being neutral on it for so long (we were pounding the table on Gold from 2002-2003) is that it has entered the minimum oversold ranges of several of our indicators.

Last year Palladium looked more interesting than gold, and that’s where we advised our subscribers to invest their money; it turned out to be the best-performing precious metal in that time frame. We simply let our indicators examine the entire commodity sector and look for the best risk to reward investment. One must remember that it is a commodities bull, not just a precious metal bull. From Late 2003- to 2005, oil (black gold) was the best place to invest.

Remember that as each target is hit, there will be some rather hard and rapid corrections; the ride-up will not be one sweet journey. If it were, everyone would sell everything they have and buy Precious Metals. Nothing good ever comes easy; if it does, it’s usually not worth it. Our next article will look at Silver the poor men’s gold.

It is easy to be brave when far away from danger.
Aesop
620-560 BC, Greek Fabulist

Originally written in Aug 28, 2006, this piece has been regularly updated over the years, with the most recent update occurring in April 2023

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