Markets

Why Gold May Hit $ 3,750 Soon – Columns

Investors shouldn’t let the recent fall in gold prices shake them. Gold has already risen again.

In order to forecast the further development of the gold price, it is worth taking a look at the Elliot Wave structures. Elliot Wave Theory is a recognized form of technical analysis. The rhythm of mass psychology manifests itself in the form of waves, with the waves indicating the trend.

Chris Vermeulen, technical analyst, trader and founder of Technical Traders, and his team studied the price of gold using Elliot Wave theory. It then emerged that the gold price is in a broad forward cycle that could still put pressure on it. There are 5,000 US dollars and more per troy ounce of gold.

The different waves are observed. As a result, the gold price could end the next phase of rally near $ 2,700 an ounce. Then a new corrective price wave should come. Incidentally, the Elliot Wave theory is intertwined with the perhaps well-known Fibonacci price theory. In any case, a bottom in the price has to be reached for a new wave to come up and this fifth wave points to a price of 2,700 US dollars or more. The fourth wave is the corrective wave, and it’s somewhere above $ 1,715.

The specialists of the Elliot Wave Theory assume a large upward trend in the gold price, although this is a long-term forecast. Nevertheless, now could be the right time to get gold companies like Canagold Resources or Aguila American Gold in their depot.

Canagold Resources (until recently Canarc Resource) has just received an exploration permit on its New Polaris gold mine project in British Columbia. Of several gold projects in North America, this is the Company’s most advanced and high grade project.

Aguila American Gold – https://www.youtube.com/watch?v=kTL7DtiLW8o – primarily focuses on the Wusa gold-silver project in Oregon. Four potential areas with samples recovering up to 5.51 grams of gold per tonne of rock are ready for drilling and have great potential.

In accordance with Section 34 of the WpHG, I would like to point out that partners, authors and employees can hold shares in the companies addressed and that there is thus a possible conflict of interest. No guarantee for the translation into German. Only the English version of these messages applies.

Disclaimer: The information provided does not represent any form of recommendation or advice. Express reference is made to the risks in securities trading. No liability can be assumed for damage caused by using this blog. I would like to point out that stocks and especially warrant investments are generally associated with risk. The total loss of the capital employed cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given for the correctness of any content. Despite the greatest care, I expressly reserve the right to make errors, particularly with regard to figures and rates. The information contained here comes from sources that are believed to be reliable, but do not claim to be correct or complete. Due to court judgments, the content of linked external pages is jointly responsible (e.g. Hamburg Regional Court, in the judgment of May 12, 1998 – 312 O 85/98), as long as no express distancing is made. Despite careful control of the content, I assume no liability for the content of linked external sites. The respective operators are solely responsible for their content. The disclaimer of Swiss Resource Personal-Financial.com AG also applies: https://www.resource-capital.ch/de/disclaimer-agb/

Note:
PERSONAL-FINANCIAL.COM publishes analyzes, columns and news from various sources in this section.
PERSONAL-FINANCIAL.COM AG is not responsible for content that is recognizable by third parties in the “News” area
This website has been discontinued and does not adopt it as its own. These contents are in particular through
a corresponding “from” mark below the article heading and / or through the link
“To read the full article, please click here.” responsible for
this content is solely the named third party.

Tags

Related Articles

Back to top button
Close
Close