Pull Back to Support

28. Feb. 2021

First pullback target reached $$

The price on Gold will be determined by economic and social events. We saw a break out to all time high, but the only logical reason that happened (that I can think of) is due to hyper inflation, economic recession, and fear of life itself. Normally I would expect some sort of pullback before breaking to new highs. Basically I’ve always been looking for a Tea Cup (Cup and Handle) pattern. This could take till the end of 2022 to play out, so no rush. I’m bullish on Gold because the major empires of this world have been hoarding it for a long time, and with word on Russia and China Oil/Gold trade. Also, trading gold on the stock market does not fair well when most of the gold traded on the market hasn’t even been mined yet. If you’re buying gold and walking away with only a receipt, you’re a moron. Screw the receipt, take the gold, then dig a hole and put it back where it came from. Just don’t tell anyone. What do you think that paper is worth when banks go belly up and you’re economy has flipped. They will tell you to take a hike.

I’m still bullish on gold, I see this as a correction. You can see my targets. I only have one other target not on the chart. It’s $1386, but this is my worst case scenario. And it probably will never happen, because of hyper inflation. $1386 in 2 years will be more like $1600.

If you sense I don’t have much faith in our leaders and our economy, you’re right.