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THE GOOD REASON I’M BUYING GOLD:
The economy is recovering, consumers are feeling good and investors are buying gold
This month, the U.S Conference Board said that the Consumer Confidence Index rose to almost pre-pandemic levels.
In March, the result was 109.7. And this month, economists expected the new reading to be 113.1.
Instead, the Consumer Confidence Index actual results exceeded expectations to 121.7.
Clearly, consumers are feeling better and more optimistic about a strong economic recovery this year – which will attract investors to buy gold again.
In fact, when the news came out, the gold price rallied over 1.17% in one day. This told us that investors and money managers were feeling more confident to invest in the precious metal.
THE BAD REASON I’M BUYING GOLD
Gold is rallying due to the tiff between the U.S and Russia
Since Biden became president, we have started seeing tension between the US and Russia.
On Thursday, the Biden administration expelled some Russian diplomats and announced a number of sanctions against a bunch of people and companies.
This punishment was based on when Russia interfered with and lead to alleged misdeeds in last year’s U.S presidential election.
Now whenever there are political wars and sanctions in the U.S., I’ve noticed two things:
1. It leads to a weaker US Dollar (due to fear, instability and uncertainty).
2. Investors and companies move their money to safer options i.e. gold, silver and now crypto-currencies.
With the repercussions to come, I think investors are going to exit out of US stocks, bonds and other yields positions – and more into gold… Watch this space…
Here’s what Michael Armbruster, managing partner at Altavest, said:
The climb in U.S. tensions with China, as well as Russia, “may be encouraging some safe-haven buying” of the metal.
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THE GREAT REASON I’M BUYING GOLD
The W-Formation breakout
In the daily chart, we can clearly see gold has formed a W Formation (one of my breakout patterns).
This is a pattern that resembles the letter ‘W’ and has two rounding bottoms (shaded area).
The formation started on 25 February 2021 and made its final rounding bottom on 15 April 2021…
We then saw the price break up and out of the pattern on low volume. This told me to wait, until either more buying volume took place or a strong economic catalyst to boost the price.
And then fortunately, we had both kick in this week.
We are now seeing more demand (buying) which, will help drive up the price of the yellow metal.
The next price target I have for gold, is for it to reach January’s high peak price at $1,962…
And if we consider both factors I mentioned today, we should start to see a gold rally within the next few weeks.
Here’s how I'll profit from the 11% gold rally
First, I'll be looking to buy (go long) JSE gold stocks and other commodities that move up with the gold price. The only way you’ll see these trade ideas is through my
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Second, Trader X will be looking for international stocks to buy when the gold price rallies.
Read more here...
Trade well,
Timon Rossolimos,
Analyst, Red Hot Storm Trader
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