It’s that time of year again where we attempt to forecast the price of gold for the next calendar year. Essentially there is no major change in our view on gold – we think it has a long way to fall and this fall should begin to take shape well before the middle of 2022.
However, before then, there could be an imminent opportunity to go long. Support for gold has been building over the last 4 months and our calculations show that this is likely to continue for another month or so. This should also correlate very nicely with Omicron uncertainty and political pressures building with the current situation in Ukraine.
As the world begins to realise it can live with Omicron (and the next Covid varient) and the East and West politicians decide to “play nicely” we believe gold will find a long term top and this will be a major opportunity to short the precious metal.
We’ll be keeping a careful eye on gold over the coming weeks and months and, as always, provide updates of any positions we take on Twitter.
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