Gold up marginally as dollar firms; investors worry about Fed rate trajectory
Gilbert sticks with his $2428 forecast, but says support must first hold at $1845-50

(USAGOLD – 2/20/2023) – Gold is up marginally this morning as the dollar firmed and investors continued to worry about the Fed’s rate trafectory. It is up $1 at $1846. Silver is down 2¢ at $21.79. Market analyst Avi Gilbert welcomes gold’s recent pullback as the “set-up” for his forecasted $2428 target. He says support, though, must first hold in the $1845-50 region.

“As long as that support holds,” he says in an advisory posted at Seeking Alpha. “I am expecting a rally over the coming weeks. Should that rally take shape as an 5-wave structure, which adheres to our Fibonacci Pinball structure, then we will have to prepare for a break out in gold over the coming month, which will next point us north of $2,100SPX and quite rapidly. However, if the next rally is corrective in nature or if we see a sustained break of $1845/50 support, then it opens the door to the potential that this pullback/consolidation will take us several more weeks, and can potentially take us down to test the $1735/1,780 region.”

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