Gold price forecasts for 2023
According to chart technicians, the gold price could reach new record highs by the end of 2023.
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Price changes in commodities, stocks or goods are triggered by political, geopolitical or other events. Market technicians use mathematical formulas and models to predict prices. A gold price above the current high of $2,088 is just predicted by the well-known Elliott Wave Theory and a Fibonacci expansion. According to the Elliott Wave Theory, financial markets generally follow a random behavior, with a pattern that repeats itself over and over again. Thereby, a cycle consists of eight waves. Between the first five waves there are two counter waves, which move against the trend. Currently, the corrective fourth wave is completed. Now the Fibonacci extensions are added, with which the last rally is measured. Extending the rally, the final fifth wave should produce gold prices of $2,181 and $2,277 per ounce.
The recent drop in the gold price in September to 1,618 U.S. dollars per ounce has created an opportunity for investors to enter cheaply. Now, the gold price is recovering, and investors are likely to visibly rediscover the value of the precious metal. Since gold is cheap right now, a further rise in the price seems likely. Large investors and hedge funds have avoided gold over the summer, but now this could change. Among gold companies, Victoria Gold and Vizsla Silver are appealing.
Victoria Gold - https://www.youtube.com/watch?v=jL81G8xMZhk - was able to get about 50,000 ounces of gold out of the ground at its Eagle Gold Mine in Yukon in the third quarter of 2022.
In Mexico, Vizsla Silver - https://www.youtube.com/watch?v=jL81G8xMZhk - owns the Panuco silver-gold project, which will produce in the foreseeable future, as well as the Blueberry project in British Columbia
Latest corporate information and press releases from Victoria Gold (https://www.resource-capital.ch/en/companies/victoria-gold-corp/ ) and Vizsla Silver (https://www.resource-capital.ch/en/companies/vizsla-silver-corp/ ).
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