The Gold Market has seen its highest level since mid -August, with prices over $ 1,800. Thus, December began with a strong note. However, the valuable metal needs to reach another important milestone. However, an analyst says it has a significant rise potential for the price of gold.
“I have a technical goal up to $ 2,750 for gold price”
Julia Cordova, the founder of Cordovatrades, recently gave an interview. Analyst says that after the price has fallen below $ 1,640 in the last three months in a row, the precious metal began to tend to rise in a long -term rise. He also adds that the price movement in the monthly graph is an important long -term bull flag. In this context, Cordova makes the following statement:
Currently my main goal is $ 1,850. My first goal will be that gold closes it until the end of December. Ultimately, if the gold price can go over $ 1,913 again and close there on a monthly basis, I have a long -term technical target up to $ 2,750.
https://twitter.com/cordovatrades/status/1598070821347811328
“Even if it falls in the short term, the building is solid in the long run!”
In addition to the technical table that supports long -term gold prices, Cordova says that although the US economy does not enter the recession, precious metal has some solid basic supports. However, the analyst does not pay much attention to the basic factors. However, investors say that they will support a stagnation while trying to protect their reserves. At the same time, according to Cordova, even if the US economy has a soft landing, it maintains its attractiveness as a yellow metal inflation protection. Analyst uses the following statements:
Gold prices are absolutely possible to fall in the short term. However, I see this dual long -term potential building.
Critical level for gold price: $ 1,850
Although Cordova has seen the rise potential of gold, it is necessary to wait for the appropriate break. For this, he pays attention to the monthly movement above $ 1,850. For this, he records:
I see this level as an important turning point. There, a movement puts the gold into the radar for a long -term movement.
Analyst says that he sees closer technical potential in the mining sector outside gold. This has long been Vaneck Gold Miners ETF for a long time. In mid -October, GDX’in six months later after the nine -week moving average is closed. In this regard, he makes the following statement:
This was a big event. We have seen an even greater rise since it was in a orbit and passed the 20 -week (moving average).
Kriptokoin.comAs you have followed, the current rally of gold creates some momentum for senior manufacturer ETF. However, Cordova says that this area may be a strong resistance slightly above $ 30 because it represents the 50 -week moving average.