Gold price stages the highest weekly closing price on record at $1900.30 an ounce
The daily report for gold and silver our weekend review and what a week we have seen history was made. We have seen the highest closing price on a weekly chart on record and in terms of a daily price. We have matched the highest trading point, which occurred on august 22nd. 2011 when gold closed at 1900. We are about 30 cents above that currently on today’s show we’re going to discuss where we think gold could go to in the near future and whether or not two thousand dollars per ounce is achievable, and if it is what kind of timeline we are looking at. But first to the price board: history was truly made today as gold climbed up at ten dollars, but that ten dollars took current pricing above nineteen hundred dollars per ounce. The last time we have seen that and it’s only been one occasion was the 22nd of august 2011. that’s the highest closing price on record. We have matched that today more, so we believe that there is a distinct possibility that we will see gold run from this point to higher ground and even higher than 2 000.. Of course, we’ll talk about that when we pull up our technical studies. This is the most active august, gold 1930 cents, but that is quickly becoming spot and most active contract month will then move into the october, and that is trading at 19, 12 70.
. When we look at spot gold spot gold is at 1960 cents, silver did decline a little bit.
I believe that is due to some weakness in u.s equities, but it is still just shy of 23 dollars per ounce, 22.97 and a half. Now we are long. A couple of etfs gld is one of them that gained almost a full percentage. 178.70. We are long slv that gained a little bit that’s trading at 21.21, and we are also trading nugget. Nugget is something that we’ve been long for a little while and that’s at 100.95 up over four percent on the day. All of that was aided by dollar weakness. The dollar giving up four tenths of a percent let’s, take a look at our technical studies. Traders, the first chart that i do want to look at is going to be a large historical perspective, because history was made today when we look at this chart. This is a weekly chart. We can see that the highest close on record up until today’s date occurred back in august august 22nd was the week that that occurred 2011 and the market traded to a high of 1883.. Of course, intraday. It did breach 1900 going to 1920 at one point, but when we take a look at where we’re at now, we actually closed today at 1930 cents. That is a historical moment, but what is more important is, my belief, is if we see follow through buying occur over the next couple of weeks.
We could see the 1900 price point in gold become a level of support, rather than the record high or even a level of resistance, and that is based upon a couple of things.
First of all, the pandemic is still with us. There is no vaccine cases continue to rise. The death toll continues to mount and we are still deep within this pandemic. Add to that escalating tensions between the united states and china, and you have the makings for a perfect storm, because what is happening due to the pandemic is massive massive spending by the federal reserve, as well as global central banks. That, in essence, is devaluing currencies worldwide and since gold is paired against those currencies, gold really has nowhere to go, but up if currencies continue to drop and traders. This is a two week. Candlestick chart it’s another way to represent the historical move made today with gold. You can see that over the last couple of weeks, that’s a single candle here we have seen gold literally run approximately 100 from 1800 to 1900 and traders. More importantly, i do believe that there is still upside available, more room for gold to gain in terms of overall value and traders. We are looking at a daily chart. This is the chart that we have been viewing with a series of channel lines. We continue to have to widen the channel lines both for a series of lower lows that came in right here and over the last couple of trading days.
We’Ve then broken up against another channel. In other words, we have seen this market move in an almost parabolic manner, that’s after trading sideways between the 8th and the 16th.
That was really the point in which we took off. We are now really just at 1900 dollars, but what is interesting is the market spiked then stair stepped spiked up, stair stepped right along these channels and now we’ve gotten this spike. I would expect to see the market track and trade in an upward trajectory and i am looking at a short term analysis taking us to about 1940, but i have updated our longer term forecast based on the most recent activity and let’s go ahead and take a Look at that chart traders, recent activity and increased tension between china and the united states, coupled with the economic fallout that will certainly come from the pandemic, have definitely changed the way we’re viewing uh, not only gold pricing, but currencies and worldwide economies. This is a model that we have been working on over the last week and it is based on the fact that what we are seeing in this third wave could take us as high as about two thousand dollars to 2030.. Currently, it is sitting just at 1900 based upon that, if we then get a retracement back to about 1724 – and this is a big picture chart, then when we do our extension of 0.618, it takes us to two thousand two hundred and forty five dollars by the Conclusion of this major multi wave rally the projection that i just showed.
You was the most optimistic in that it is under the assumption that this long third wave is still intact and could go past two thousand dollars per ounce, but let’s do a model assuming that now that it hit nineteen we’ll get some sort of a correction i’m Marking this correction, as coming down almost 150 to 200 dollars, meaning that we would have a fourth wave conclude somewhere in this area when we do our 0.