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Could We See A 1970s-style #Gold Boom in this Fresh Decade? | $GOLD
The 1970’s were a classic time in music, fashion, politics, and history; much more, it was the decade with the biggest, by far, and most lucrative Gold boom ever. Wearing this precious metal became something of a status symbol. The celebrities we’re all rocking it, and the bigger the gold chain or watch, the better. What do you think happened next? The Gold price, then, took off like a rocket ship. 🚀
The Trend Is Your Friend, Just Like Fashion Style, When It Comes To $GOLD.
The other day, I jumped an uber to downtown Jersey City, NJ, to hit a few bars and grab some good eats. It was a blast from the past: there were dozens of 1970-style murals painted on the sides of buildings. That 70’s style has resurfaced for sure, mostly with the fine ladies: fringe, flares and frayed jeans 👌 were spotted throughout the day. It’s almost laughable to think that a fashion change could give away hints of the Gold market’s next move in the new decade.
In our opinion, the upcoming charts speak more than volumes about the precious metal’s potential move to fresh all-time highs over the upcoming 10 years.
Let’s Take A Look at $GOLD’s All-time Chart 📈, as History May Very Well Repeat Itself over the Next Decade.
What Are the Other Useful Purposes for $GOLD in 2020 and Beyond?
The rise of electronics and technological adoption, combined with colour tv and a new world of entertainment, were perhaps the biggest catalysts of this wild upswing in the Gold price over the last half century.
- Coinage / Bullion / Financial Transactions
- Electronics / Computers
- Dentistry / Medical
- Trophies / Awards / Medals
Unlike Previous Peaks in 2013 and 2016, On This Occasion $GOLD has Broken Out 🔥 For Sure, Leaving the Miners in the Dust.
- Those willing to bet on Gold miners are presented with a fabulous catch up trade opportunity.
- Resistance has held at around $32 but the more often it is hit the weaker it becomes, looks like it will soon be challenged again.
- Having been within this range for 7 years, it could lead to quite a rally when the breakout does occur.
Now, Let’s Examine the Weekly Chart 👀 on VanEck Vectors Gold Miners ETF (NYSE: GDX) for Some Confluence to our Bullish Ethos in the Shorter-term:
- Firstly, there looks to be a nice Cup and Handle formation playing out, which is an extremely bullish longer term.
- The 50 day and 200 day Moving averages have crossed a bullish buy signal; often referred to as a Golden Cross.
- As they price approaches the $31 level, a spike in volume would be expected.
- If we were to see a higher high formed on the daily it would confirm a definite change of trend.
Targets to Consider 🎯:
Short term – $33.22 – .382 Fibonacci retrace level.
Medium term – $36.67 – 1-2-1 Fibonacci extension target.
Longer term – $46.16 – Fibonacci golden pocket resistance.