Our gold price forecast for the first couple of months in 2022 has held up very well. As expected we saw a small retracement – although it was a little shallower followed by a move up to our potential short entry zone.
As at the time of writing (11 am GMT) gold has penetrated our short entry zone close to the average time we would have expected this to be hit. This means we believe we are very close to a long term top in gold in our opinion. However any shorts need to be placed with care at this point. Commodities, such as gold, have a tendency of ending their run with a “blow-off” top before beginning a long term decline and, as a result, gold could make it’s way rapidly up to our thick white line (maybe a bit higher) before the inevitably fall/ bear market.
So, in summary, everything is falling into place for a major top in gold.
- The timing is spot on (but may continue a little longer).
- The fear is there.
- The sanctions placed on Russia will likely result in price falling when they start releasing some of their gold reserves.
- It appears unlikely that the West want to be involved in a larger conflict.
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