Jeff’s Note: Today I’m putting my entire multi-million-dollar reputation on the line… by revealing the controversial strategy that helped me achieve financial freedom at the age of 42.
This was the same strategy that helped me profit right through massive stock market crashes like 2000, 2008, and 2020. And I do it by ignoring 99.9% of the stock market.
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And below, continue reading for Imre Gams’ analysis on gold…
On April 3, I wrote about an exciting short-term opportunity in gold.
I spotted a bullish triangle that was getting ready to break out, which would take gold prices higher.
You can check out this setup below…
My upside target was $2,050. And just two days later, on April 5, gold went on to hit a high of $2,049.
Sometimes, my price targets are accurate to the dollar. This trade got very close, missing the target by just $1.
But trading is rarely picture-perfect. Being able to improvise and adapt in the moment is one trait that separates winning traders from the rest.
As a result, it’s now best to get out of the trade and wait patiently for the next buying opportunity.
Now here’s what I’m expecting to happen next… Take a look at gold’s updated price chart after the triangle broke out…
As I mentioned earlier, gold got extremely close to my upside target of $2,050.
The reason I had identified this price level as my target is because it coincides with a major top in gold dating back to March 2022.
Back in March 2022, gold hit a high of $2,078 before pulling back all the way down to $1,686. This meant that there would still be stiff resistance anywhere near that $2,078 price point.
And as we can see on the updated price chart, this is indeed the case. Gold took a fierce run at that prior resistance level but ran out of steam before it could take it out.
Just like a sprinter that must catch his breath, gold simply ran too far too quickly. That’s why we’re seeing the pullback right now.
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Look Out for a Bigger Bull Market Ahead
But it’s important not to panic. My analysis tells me gold is still very much in the early stages of a bigger bull market.
That’s why my next step is to wait for gold to pullback to an attractive level where I can look for yet another buying opportunity.
This is where the 200-Period Moving Average (MA) comes into play. The 200 MA is a great way to identify strong technical support.
Right now, the 200 MA on the four-hour price chart comes in around $1,916. That would mean a little more than a 50% pullback in gold from the February 28 lows.
That’s a great area to start looking for another bullish setup. But for now, we must be patient with the gold market for a while longer.
Once gold reaches an attractive level, I’ll let you know if I spot another great trading opportunity.
Analyst, Market Minute
What are your predictions for gold over the next few months?
Let us know your thoughts – and any questions you have – at [email protected].