Gold Support Level Reached, Is Now The Time To Buy? – Video
Chris sits down with Charlotte Mcleod from the Investing News Network to discuss the upcoming big move in gold and the stock market in general. Looking at the daily chart for gold, from a technical standpoint, it is down to a major support level. Gold is still in a downtrend but buying at a support level like this can be a great opportunity from a technical standpoint.
Long story short, looking at the quarterly chart, gold has been in a very strong rally since 2019. Though trading in an overall sideways pattern, the bearish stock market may keep pressure on gold and precious metals from breaking out and starting a run to the upside.
The quarterly chart for the US Dollar Index is flagging sideways in a bullish sign that is starting to break out. A rising US dollar adds more downward pressure on gold and silver. Based on the pattern, it could be over a year before the dollar reaches its peak in 2000. Gold and silver will have their day again, but for now, patience is what is needed.
Will a prolonged bear market actually benefit traders and investors? Understanding the four stages of the stock market, understanding the emotions and sentiment of the masses, and understanding the long cycles of the economy and stock market, will all help you gain a high-level view of where we may be going next.
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Disclaimer: None of this material is meant to be construed as investment advice. It is for education and entertainment purposes only. The video is accurate as of the posting date but may not be accurate in the future.