Be Greedy When Others Are Fearful. BTD!!! Long Gold

Hello Traders 👋🏻 👋🏾 👋🏿 👋

Gold is expected to trade at 1832.59 USD/t oz. by the end of this quarter, according to Trading models, economic predictions & global macro models and analysts expectations. A close at this price at the end of the month (June 2022) would be another confirmation of further upside in my view.

Concerns about global economic growth, fuelled by sustained inflation and heightened geopolitical risks, should protect the gold price somewhat but trade at your own, predetermined, and practiced risk.


Gold price forecast for 2022 and beyond:

The gold market narrative has been driven by the contrasting effects of persistent high inflation and central banks raising interest rates consistently in response. With the US dollar (USD) hitting a 20-year high, gold fell to a three-month low and, therefore low of the year at the end of last week.

Slightly lower Treasury yields and a dip in the value of the dollar on Monday brought the gold price off the low, and with this move many of the bearish traders are calling yet again for the $1,700 an ounce range. My thoughts are that we are out of sight in those low figures but it remains well below the $2,000 level seen in early March.

What are the prospects for the gold market for the rest of the year given the current macroeconomic and geopolitical environment? Should you invest in a long position in gold right now?

I'm not here to answer that question for you but I am, sometimes happy to share some of my work in technical analysis. On this chart of gc1! I have marked out price zones where I believe gold will react to. Looking at the close on the monthly chart, which I mentioned in my previous post (linked below) I feel that there is continuation of a bullish move after closing above the weekly trend line.

There is never an ideal price to buy or sell gold. The gold price represents underlying influences in the gold market which includes investor sentiment and confidence in the economy as well as supply and demand dynamics. Good luck in your trades traders 👍

P.S. please check out my previous trade post (31 June 2022) on platinum. Even if you see this later in the month I believe there will be a prime "buy the dip" trading opportunity. Have a look, have a cigar. Leave a like, leave a trademark TradingView troll comment 👍

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