Chris Vermeulen: Technicals Support Gold's Rise, US$2,000 is Next | Summary and Q&A

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July 28, 2020
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Chris Vermeulen: Technicals Support Gold's Rise, US$2,000 is Next

TL;DR

Technical analysis suggests that gold and silver are in a bull market, with potential for further upside. Investors should consider owning physical metals and mining stocks as part of their portfolio.

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Questions & Answers

Q: How can technical analysis help investors in the precious metals market?

Technical analysis allows investors to analyze price patterns and volume to determine trends and potential entry or exit points. It helps filter out noise from fundamental analysis and emotions.

Q: What are the key resistance levels for gold and silver?

Gold has resistance levels at $2,000 and $2,100, while silver's next target is $24.36, followed by $34. Breaking these levels could lead to significant upside potential.

Q: Is silver's recent price breakout supported by technical analysis?

Yes, silver's breakout above $21 confirms a bull market. Short sellers being forced to cover their positions adds buying pressure, creating a short squeeze and propelling the price higher.

Q: How does manipulation by entities like JP Morgan affect the precious metals market?

Manipulation exists in the financial markets, but it's difficult to predict its timing or impact. It's best to focus on technical analysis and own physical metals to avoid exposure to potential manipulation.

Summary & Key Takeaways

  • Technical analysis focuses on price patterns and volume, filtering out fundamental analysis and economic data.

  • Gold is in a multi-year rally and has the potential to reach $2,000, with a significant resistance level at that price.

  • Silver has broken out of previous resistance levels and could see further upside towards $34, with a possible test of its 2011 high.

  • The precious metals sector is in a bull market, driven by global fear and potential short squeezes. Investors should have a portion of their portfolio allocated to precious metals.

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