During the recent major crash in the stock market, the price of gold collapsed in parallel by 15 percent to almost $ 1,500. Driven by the worldwide announced rescue packages for the economy in trillions, however, the last week of trading saw a similarly fast and dynamic return to over $ 1,640. Due to this rapid change in mood and the expected rising debt, investors are now not only betting on price targets of USD 2,000, but even on an increase to USD 3,000 (WingCapital Investments)!
You could all be bitterly disappointed …According to the last analysis on March 24th, “Gold – This was the first stroke …”, the gold price quickly reached and exceeded the target price zone of USD 1,600 / USD 10. On March 26, the daily high was $ 1,644, slightly higher than expected. Since then, however, the air seems to have escaped from the climb. Only yesterday did gold continue to decline significantly above 2.75 percent.
The course goals are known
After the exact test of the 74.6% Fibonacci correction retracent, a second downward wave, the downward wave C, could now be initiated. The course goals for this are known and have not changed. Gold can easily slide below $ 1,400 and beyond to $ 1,340. In this respect, the trend does not change compared to the last (unpopular) technical chart analysis. However, it must be conceded that the temporal component of the B wave has not yet been a good fit. Against this background, the timetable could well change several times in the coming week. Especially when Gold Welle B should expand in price and time.