As a seasoned analyst with over two decades of market analysis under my belt, I’ve seen my fair share of economic storms and bull markets. The recent surge in gold and silver prices, breaking new all-time highs, is a clear sign that investors are seeking safe havens amidst the uncertain global economic climate.
Has gold reached a fresh record peak at $2,570, with silver also touching $30? Is it possible that Bitcoin might do the same?
Over time, it’s been a common practice to invest in precious metals like gold and silver during economic downturns. This trend persists today, given the current challenges facing global economies. Excessive spending and a pullback in globalization seem to be creating turbulent conditions worldwide.
Bullish breakout for gold
As a researcher analyzing gold’s weekly chart, I’ve noticed an exceptionally optimistic breakout has occurred recently. Since mid-2020, the gold price had been attempting to breach a significant horizontal resistance level at $2,000. This barrier was finally shattered in February of this year, leading to a swift increase that propelled the gold price to approximately $2,350, which aligns with the 1.618 Fibonacci extension level.
After some unification, gold persistently refused to yield during July. Instead, the price spiked, tested, and then climbed further. For several weeks, the price trailed an uptrend line, but it has since burst through that boundary.
The next targets for gold are at $2,800 for the 2.618 fibonacci, and then $3,260 for the 3.618 fibonacci.
Silver back at the $30 resistance
On Friday, the price of silver shot upwards, reaching yet another resistance point at around $30. If silver manages to break through this barrier and maintain its position above it, we could see significant further increases in its price.
The goal for silver prices is set at $38, with potential to reach an unprecedented peak of $50 thereafter. If this happens, $63 would represent a Fibonacci extension level at approximately 3.618.
Will Bitcoin follow gold and silver?
If gold and silver are the traditional hedges for economic uncertainty, then Bitcoin is the hedge for the age of digital assets. The Bitcoin price has not left its bull flag yet, but macro indicators are close to signalling that an upsurge might not be far away.
If Bitcoin breaks its previous record of $73,800, potential future price milestones based on the Fibonacci sequence could be around $102,000 (representing the 1.618 Fibonacci level) and possibly $155,000 (the 2.618 Fibonacci level).
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2024-09-13 14:02