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My next prediction for gold

by , 10 June 2019
My next prediction for gold
On 6 May 2019, I sent a gold prediction article where I mentioned that when the gold price hits the popular 200MA line, buyers go crazy, which they did.

And since then, the gold price has pierced right through the predicted target within just one month.

Take a look at the before and after chart to see what I mean.
It’s also great to know that a few of our members managed to get on and ride this gold rally. 
"Thank you for the tip to buy gold Timon.
I just made a R1400 profit." 
- Cobus
Now if you missed the last prediction, you have nothing to worry about. I still see a lot more upside for gold.  
Let's start with...
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What is happening in the world of gold? 
The head of commodity strategy at Saxo Bank ,Ole Hansen, said to Kitco news that
“growing recession fears are a positive environment for gold.”
Once again, the world markets are fearing the next global recession, due to two main factors.  
Factor #1: Lowest US bond yields since 2017
First there have been further declines in the U.S 10-year bond yields since September 2017, down to an abysmal 2.22%. 
Lower bonds yields have always been a barometer for investors to see how the economies are performing as well as what the sentiment is for the general public.
When bond yields drop, the return on investment is less attractive and so investors decide to get their funds out of their bonds and into other safe-havens like gold, precious metals and even crypto-currencies.  
Factor #2: Chinese consumers to react and boycott U.S products 
It looks like not only is the trade war between the presidents, causing a 'yuuuge' disturbance with the increase in price tariffs on goods but it also looks like the consumers will start to react as well.
In fact, Chinese consumers may decide to start boycotting US products soon. 
Analysts at Danske Bank wrote recently,
"Trump is heading into an election campaign and is currently underestimating the pain that will be inflicted on the US economy by a full-blown trade war. If Trump carries out the tariffs on the rest of imports from China, Chinese consumers may react by boycotting US products."
With the double-whammy of the lower bond yields and with the escalating trade wars analysts are awaiting the next big recession since 2007.
And where do investors turn to in such troubling times?
Gold has always been seen as the safe haven where investors look for more risk-averse and stable markets.
And the charts confirm it…
Here's why I expect gold to fly to $1,414 in the next month
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Looking at the daily gold chart in the last few months, the price has formed a solid falling Wedge pattern (Pink lines lines)
This Falling Wedge, which is a downward angled triangle, shows that there was a pause in the current uptrend, before it broke out above the pattern.
Once we saw a price breakout above the Falling Wedge, the buyers came back and infiltrated the market driving the price up and hitting our first price target.
You can see there is NO SLOWING DOWN with this gold rally. And so, I'm now confident to make my next gold prediction target using the Top-Down method of the Falling Wedge pattern.  
To calculate this target, you take the difference between the top of the wedge ($1,346) and the bottom of the wedge ($1,278) and you add it to the top of the wedge. 
Target = (Top of wedge – bottom of wedge) + Top of wedge
          = ($1,346 - $1,278) + $1,346
          = $1,414
This means, we can expect the next gold price target to hit $1,414.
Here are two ways to profit from the gold rally
Either, you can simply buy the Gold CFDs follow your money management rules and hold them until it hits the new target of gold.
Or you can wait for my SMS and email where I'll send out gold stock trade tips that move up when the gold price rises.  
“Wisdom yields Wealth”
Timon Rossolimos,
Analyst, Red Hot Storm Trader
P.S: If you have a trading question or would like my opinion on a chart analysis feel free to ask me by clicking here.  

My next prediction for gold
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