The world is once again being\u00a0consumed by gold fever. At least the financial world as we know it. All traders and brokers are talking about these days, especially the punters among them, is gold, gold, gold. And uranium, but we\u2019ll save that for another story.<\/p>\n
Gold at US$2000 an ounce? It may seem like a crazy idea, but people are talking about it like it is a surefire thing to happen in\u00a0the not too distant future. The bulls are\u00a0leading and lemmings are following, no doubt.<\/p>\n
For the medium term, however, it would look like the metal is preparing itself for a surge to US$600\/oz, and beyond.<\/p>\n
Technical analysis supports the view.<\/p>\n
At Barclays Capital, technical analysts could hardly agree more. They report this morning their weekly patterns\/Elliott wave counts (of price movements on their charts) suggest there are still \u201chigher highs\u201d ahead for gold \u201cwith the market set to trend well above 600 in the months ahead\u201d.<\/p>\n
Well above? Well, that\u2019s what it says.<\/p>\n
The Barclays specialists believe that once gold has surpassed the upcoming \u201cpsychologically important number\u201d its next price target is likely to be US$621\/oz as this equates to a 61.8% Fibo (short for Fibonacci) retracement of the metal\u2019s price fall between 1980 and 1999 (US$850 to US$252).<\/p>\n
Meanwhile, it would seem like equity investors are already accounting for the metal\u2019s next move upwards, with Barclays noting shares of gold producers and explorers have been outperforming the metal lately.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold is the new high tech and technical analysis supports the view it is going for the US$600 mark.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/51349"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=51349"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/51349\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=51349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=51349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=51349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}