Whether standard stocks, gold, silver or mining stocks – yesterday the markets had to give up their interim profits again. In view of the strong profits on the previous days, this was not a broken leg. With a view to gold, there are quite a few chart technicians who have forecast prices below $ 1,000. A forecast that I can hardly understand. On the contrary, chances are good that we have already seen the lows at $ 1,460.
Possibility for a major correction
In fact, there is of course the possibility that gold is in a major correction. A similar pattern that silver was in. The silver price slid well below its 2015 low in the sell-off wave, marking below $ 12 prices last seen shortly after the turn of the millennium. But the gold price has not made such a correction. And while many are still looking down and afraid of prices below $ 1,000 for gold and single-digit prices for silver, gold continues to work its way up. In the future (June contract), gold already reached a new high of $ 1,750 yesterday. The spot is still lagging behind. But the future should have paved the way to higher highs. A scenario in which gold falls below $ 1,000 does not seem impossible from today’s perspective (as is well known, nothing is impossible on the stock exchange) but highly unlikely.