Precious Metals Video Update: Gold in Foreign Currencies Hits All-Time High
Gold against foreign currencies hits an all-time high as Gold closes around the $1475 resistance. Gold has support at $1425 with limited resistance from here until $1550. The path of least resistance remains higher in the short-term until Gold tests $1550.
We are closing in on the point where gold will be at an all-time high against all currencies other than the US dollar.
0:20 – Gold vs. Foreign currencies
1:30 – COT and next target for gold.
3:30 – Looks like a new bull market.
4:00 – Gold compared to the stock markets.
5:00 – Predictions for gold.
6:30 – Rally could go to 1700 near term.
7:30 – All charts are showing bullish.
Talking Points From This Precious Metals Update:
• Gold at all-time highs compared to foreign currencies.
• Gold has broken away from 1420 resistance.
• Next target is around 1550.
• COT Report update.
• GDX/S&P ratio is looking very bullish.
• This rally could reach 1700.
Jordan Roy-Byrne, CMT, MFTA is a Chartered Market Technician and Master of Financial Technical Analysis who is a member of the Market Technicians Association. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection for precious metals investors.
Jordan latest book “The Coming New Bull Market in Gold” can be found for free on his website: https://thedailygold.com