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Aug 13 at 08:28 AM
The Rise of Precious Metals?
About time! I just shared my views on GLD 2 days ago. But here goes again.
Precious metals in particular Gold and Silver are looking good after their lows a few weeks back.
Since then, prices of both gold and silver stabilised in a sideways price action which formed a rectangular channel. This could mean distribution or accumulation.
I am leaning accumulation based on technical patterns as well as price action with price breaking above the upper level of that rectangular channel as well as gold clearing the upper downtrend line. (Silver has yet to clear but Gold might be leading).
Fundamentally wise, Gold has always been an asset investors flock to when they do not trust the fiat system so much. With so much uncertainty especially in the USD, I believe Gold is at an attractive level for investors especially central banks to start accumulating again.
@Captain's Watch
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