This is Huge! Gold & Silver Prices Will ABSOLUTELY SHOCK Everyone When This Happens - Gary Wagner

This is Huge! Gold & Silver Prices Will ABSOLUTELY SHOCK Everyone When This Happens - Gary Wagner

On Tuesday, gold prices experienced a slight uptick in anticipation of a US inflation report that could shed light on the Federal Reserve's future rate decisions. Spot gold rose by 0.2% to 2,023.89 dollars per ounce, rebounding from a brief dip to a more than two-week low of 2,011.72 dollars per ounce on Monday. Despite technical analysis indicating a potential downward break due to market compression, Gary emphasizes that fundamental factors, such as actions taken by the Federal Reserve and economic data, especially inflation figures, will continue to influence gold prices.
Anticipating inflationary pressures in the United States has led to expectations that the Federal Reserve may refrain from reducing interest rates at the upcoming March meeting. This sentiment has somewhat reduced the appeal of non-yield-bearing assets like gold. Gold faces resistance as the US Dollar strengthens for the second consecutive session, supported by subdued US bond yields ahead of the release of US inflation data.
Gary notes that before breaking above the 2,000-dollar level, it had consistently acted as a resistance level. However, once the breakout occurred, 2,000 dollars became a new level of support. The metal reached its all-time high in December of the previous year, surpassing 2,135 dollars in the middle of the month. Gold surged above 2,000 dollars an ounce for the first time since May, driven by concerns over conflict in the Middle East, which overshadowed the impact of the recent rise in bond yields.
Gary Wagner employs a 50-day simple moving average to evaluate short-term trends and sentiment in the silver market.
Recently, the price of silver reached the target of 23 dollars but encountered solid resistance at this level, suggesting a bearish bias. It is testing the 50-day exponential moving average, which serves as a support line at 22.60 dollars. Notably, the stochastic indicator shows clear positive momentum, indicating a potential motivation for the price to resume its bullish wave and surpass 23 dollars, aiming for the next main station at 23.70 dollars.
Gary highlights the 25-dollar level as a significant area of interest where potential resistance or profit-taking may occur. Additionally, previous lows of around 24.33 dollars could influence price action.
Meanwhile, US investment bank JP Morgan predicts that silver will reach 30 dollars by the end of 2024. This bullish outlook is attributed to expectations of the Federal Reserve cutting interest rates and declining US yields, which could further boost silver prices.

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[choosiewhoo]

Conclusion drawn on solid technical analysis on charts. Good job, of course.

[trailguy]

The high inflation number we just got threw cold water on most of this. Gold won’t take off until the fed lowers rates and it will probably not happen for good reasons, so there will be a liquidity crisis, then an emergency rate slash and market crash and rebound, this will all cause gold to take a 20-30% hit, then up to who knows. That’s my likeliest scenario, but it’s only one possibility. I’m just keeping 30% in cash and not letting temptation lure me into the markets. A great opportunity probably awaits, and if not, I like the fundamentals of what I’ve got. I’ll just keep telling myself this. Good luck all.

[oblong]

Gold broke out below the wedge, three days ago, not above

[patrickdebie]

When this, when that. I hope you are right. But it's all manipulation!

[romanm]

Yet here we are, below 2000 gold... let's see how strong that "support" is going to be ....