Gold market analysis, key intra-day price entry levels for active traders
October 16, 2023
Central bank buying will drive gold over $2100 next year – TD Securities’ Melek
October 16, 2023
At this point you’re sitting on a cushion, even if you took the more prudent suggestion of waiting for gold to get above $1900 to pull the trigger; ditto for silver which trades over $22.50 this morning.
A zoom out to the weekly chart shows momentum in gold potentially has a long way to go before topping out, and, a crystal clear bounce off the 200 week moving average. Will price test all-time highs before momentum sputters? What I do know is that this is where the stackers shine, as they are naturally predisposed to just plain old hanging on.
Silver looks ready to cross back over its own 200 week moving average. The momentum coil I pointed out a few weeks ago is turning back up; price could’ve just printed a false break down from its long sideways consolidation. I am looking forward to the silver price getting back to the top trendline. A breakout above and a move to $30 comes into sight in my opinion.
A check-up on Bitcoin which is also fighting to get back over its 200 week moving average. A weekly close above could be the signal for stackers to add, and/or traders to get long. A move above the dashed line and I think Bitcoin goes on a whacky upside run, yet again.
