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(Kitco Commentary) - In an article on Kitco posted July 22, I highlighted that a medium-term bottom in gold was likely at around $4000, but there was doubt as to whether price would move back to the all-time high. A sideways grind was firmly on the radar. The grind is clearly playing out.
was likely at around $4000, but there was doubt as to whether price would move back to the all-time high. A sideways grind was firmly on the radar.
The grind is clearly playing out. , I wrote that "periods of gold weakness driven by expectations of higher interest rates have historically presented attractive long-term buying opportunities.
" And in my opinion, we are now still in one of those periods. For context, the last time 10-year Treasuries yielded 5.25%, the gold price was less than $400.00 per ounce, 10x less than today - an absolutely condemning perspective on the long-term viability of fiat currency, and some of the clearest evidence ofBut where does that leave us as far as the medium term? Probably, farther down.
The weekly chart below shows trendlines easily interpretable from 25 feet away from your screen. A breach of the bottom rising trendline would likely trigger an avalanche of selling down toward the 3600 level highlighted by the yellow box, which would also likely clear lingering, persistent bullish sentiment.bias; it's multi faceted and one of those facets captures the debasement trade. I had alerted readers during the 2023 basing period that a move to new all time highs was likely.
I think the same type of scenario is playing out. It seems to me like BTC is trying to put in a nice long term inverse head and shoulders pattern.
Participants will want to watch closely as it develops and likely engage at any convincing breach of the neckline. developed a passion for hard money and economics from a young age having been influenced by family who sought to teach me that"nothing is free", and the importance of intrinsic value early on. My interest in markets grew keener during the great financial crisis of 2008; leaning on family with vast trading experience, I began to self-educate on technical analysis and economics- drawing inspiration from the works of individuals like W.D.
Gann and Adam Smith. I have been a proud member of the Kitco team since 2017 and hope that my writing inspires readers to consider an objective view of the metals, and the greater financial markets. The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.
This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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