Gold: Was it just bad luck or is it recovering?

Gold actually posted the weak week for five months. The price setbacks were limited to a few hours when the price of gold collapsed dramatically. The rest of the week was less spectacular. When it became known on last Friday after the market closed that Warren Buffett – not exactly known as a big gold bull – had gotten into Barrick Gold, the hopes of gold investors rose again.

Overdue setback
In terms of charts, the setback was overdue. Both gold and silver had been massively overbought. The indicators have now cooled significantly, however, and there are some indications that gold and silver will set off again in the coming days, rising to new highs – in the case of gold to new all-time highs, in the case of silver to new cyclical highs. We assume that gold in the coming move should approach the range of 2,200 to 2,300 dollars by October / November, silver should develop better in percentage terms and should squint towards 34 dollars.

There is currently still a residual risk that gold and silver will briefly dive down again. But the bull market in precious metals is intact, and setbacks are buying opportunities. Investors should take advantage of this and build or expand their positions. The silver mines in particular are currently opening up opportunities. While stocks appear expensive by fundamentals at current levels, the sector is small.