With all of the excitement in BTC and NFTs it is often easy to overlook the precious metal. No it is not nearly as exciting but it has definitely made for a much stabler asset class. At the moment Gold is holding above $1,800 but traders are not seeing this trend last much longer and expect a break below it soon. If you hold Gold it is wise to hold on to it, but if you are feeling like a $20 per ounce drop would ruin you… well there are plenty of people still willing to buy up your jewelry. All kidding aside, we still feel strong about Gold long term. Inflation isn’t going anywhere anytime soon, and it is only a matter of time before things start to shake up investor confidence in the crypto markets, and once the Crypto kids flee, perhaps Gold will be an easy place to park their capital.
We are looking for $1.8K to hold, but expect a drop towards $1,790 if it doesn’t.