Crypto Daily – Gold has just broken out to a new all-time high of $2,570, while has just hit $30. Could now follow?
The traditional hedges when the economy is sliding have always been and silver. This has remained true even today. Ill winds are blowing for world economies, as spending continues to be out of control and globalism retreats.
Bullish breakout for gold
The weekly chart for gold shows that a very bullish breakout has just taken place. It can be seen that the gold price was pushing up against the strong horizontal resistance at $2,000 since mid-2020. This broke in February this year, and the price surged up to the 1.618 fibonacci at $2,350 in a short amount of time.
Some consolidation followed, but gold was not to be denied, and July saw the price break out and retest before heading higher again. The price followed an ascending trend line for a period of a few weeks, and has now broken through.
The next targets for gold are at $2,800…
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