It Is Not Too Late To Buy Gold

Photo by DAVID GRAY / AFP) (Photo by DAVID GRAY/AFP via Getty Images

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The monthly graph shows a breakout above resistance on a close-only basis. The prior resistance is now support. A near
near
term rally back to $2100 is expected. The stop is $1880. With the prior resistance now being support, and given the objective, we have a very favorable reward-risk situation.

The monthly cycle hit a low at the end of the last month. The technical picture is constructive. There are higher lows in momentum weekly and a very oversold condition. This projects $2300 over the coming months, likely by June-August.

The last chart is a picture of caution; this is a favorable sentiment indication. The rally has not created excess optimism
optimism
which would be the sign of a top.

Monthly Gold-Closing Prices

This is a breakout to the upside.

Cycles Research Investments LLC

Monthly Gold Cycle

This cycle points to a June top.

Cycles Research Investments LLC

UGL/GLD

GLD
Ratio

This is not a picture of excess optimism.

Cycles Research Investments LLC

Source: https://www.forbes.com/sites/greatspeculations/2023/04/02/it-is-not-too-late-to-buy-gold/