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Could Gold Be Gearing Up For A Major Rally?

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  • Gold rebounded quickly and broke to higher prices after the COVID deep selling. 
  • Our Fibonacci support levels for Gold are resting near $1,885, $1,815 & $1,790.
  • More downside pressure on price is possible, but if support is maintained at $1,885 then we could see a big upside recovery trend take Gold to $2,250.

Just before the COVID-19 collapse in the markets hit near February 25, 2020, Gold started a double-dip move after reaching $1,692 on February 24.  First, Gold dipped from $1,692 to $1,564, then recovered to new highs ($1,704.50) on March 10, 2020.  Then, as the deeper COVID-19 selling continued, Gold prices dipped again – this time targeting a low level of $1,450.90.

What we found interesting is how quickly Gold prices recovered and broke to even higher price levels after this deep selling.  Our belief is that when a crisis event first hits, which we sometimes call the “shock-wave”, all assets take a beating – including Gold and Silver.  This is the event where traders and investors pull everything to CASH (closing positions).  Then, as the shock-wave ends, traders re-evaluate the price levels of assets to determine how they want to deploy their capital.

Gold Basing Near $1885 For A Big Rally?

Our belief that this DIP or double-dip pattern in Gold because of crisis events presents a very solid opportunity for skilled traders to add-to existing positions or strategically target shorter-term upside price swings in precious metals.

This Daily Gold chart below highlights the first dip and the second dip in Gold prices as the COVID-19 price collapse took place.  Notice how Gold rotated lower, then recovered to new highs, then dipped even lower in early March 2020.  This last dip in price levels was the very deep selling before the March 21 bottom setup (US Fed induced).

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