Kriptokoin.com –Gold prices focus on critical support of $ 1,800 per ounce, and although there is a potential to increase in prices, a market analyst warns investors not to chase the market.
Blue Lines Futures’ chief market strategist Phillip Street, investors who want to enter the gold market in existing environments should be more selective to find the right entry point, he said.
He said that the improvement of the feeling of investor can reduce gold prices and investors should tend to get from the bottom. He also added that he likes to buy gold below $ 1,800 per ounce and buy silver under $ 17 per ounce:
“When this happens, you get better than the expected economic data. Fear of missing something (FOMO) triggers the US stocks. Investors are buying gold. Stock interest rates are starting to rise a little later. But remember, the increase in stocks continues to death. It becomes what pushes gold to new peaks. “
He also used the following statements: “Probably there are many people who order $ 1,800 outdoors. So if we go below $ 1,800, we’ll be like fishing. So if I had to buy at $ 1,800, I would probably buy it from $ 1,796.”
“Silver is a separate issue. I really want to buy it, but not over $ 20. Not over 17 dollars.”
Strategist’s long -term gold target 2,500 dollars
Although Streess said he expects a correction in gold and silver, he did not change the prediction for rise for gold in the long run. He said that gold prices can easily reach the highest levels of all time by the end of the year and the long -term target of $ 2,500 can be seen.
“The COVID-19 epidemic has changed the functioning of the world, and investors are still trying to adapt to a large amount of government debt and low interest rates ,.