Gold prices have seen a strong rise in the last seven days. Many investors blame themselves for missing out on the rally that took gold to record highs above $2,200. But one market analyst says the one thing investors should not do is chase the market at current levels.
Gold will go to $2,600, but…
cryptokoin.comAs you follow from , gold has continued its rise in recent weeks. Carley Garner, co-founder of brokerage DeCarley Trading, expects investors will get another chance to benefit from the new momentum. The nice thing about ruptures, according to Garner, is that they have a habit of retesting the rupture area. However, a fix awaits first. Carley Garner makes the following statement:
I think gold will rise much higher. My weekly and monthly charts tell me it’s somewhere around $2,600, maybe even a little more. But we could retest $2,100 at some point, or maybe even $2050. Gold is really difficult because of the way it is traded. It will literally trade sideways for four years like we just did and then rally when no one is watching and no one expects it. Gold and silver are the markets that invented FOMO trading.
Now it’s time for you!
Carley Garner’s bullish view comes as gold prices pause after a seven-day rally. Gold contracts for April delivery were last traded at $2,184.10. Moreover, it remained approximately unchanged during the day. Carley adds that a correction will not change gold’s trajectory. Although gold has made an unprecedented move to record levels, Carley notes that there is still a lot of money on the sidelines waiting for the right opportunity. He points out that even with this recent rally, gold is still undervalued compared to the S&P 500 and tech stocks like NVIDIA. He expresses his views on this subject as follows:
It’s like gold and silver saw what was going on with Bitcoin and NVIDIA and said ‘hold my beer.’ Now it’s down to the line. There’s a lot of Covid money out there still trying to find its way through the system. We’re not done with all this liquidity.
You still have an opportunity to buy gold at a reasonable price!
Carley Garner says it’s no surprise that gold is reaching record highs, as the S&P 500 is also trading at all-time highs. Carley adds that in this environment, investors are looking for safe haven assets. Based on this, “I wouldn’t want to be a stock buyer. I know they’re on the rise, but I’m seeing some really big red flags waving. But you still have an opportunity to buy gold at a reasonable price. “This market hasn’t done anything yet.” she says she. Carley says investors now know what gold can do when it comes into its own. He also states that they will pay more attention to gold to protect their portfolios. She finally shares the following assessment:
Everyone is talking about rising inflation and geopolitical risks. All this is happening and gold can’t get out of its own way. So, guess what? Gold has finally started to react. These risks will grow further. But now people will say, wait a minute, we need some protection, so gold still has some catching up to do.
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