Golden chart signals
Gold bulls will not soon forget the previous all-time high for the gold price of well over USD 2,000 per ounce in late summer 2020. Unless, of course, the high is replaced by a new one.
Apart from the perfect environment with high inflation figures, which were just reported from the U.S., and extreme government debt, which does not tolerate high interest rates for debt service, the chart-technical view also speaks in the meantime again for a persistently rising gold price.
Thus, the downward trend since the all-time high was tested recently. The gold price increase from below 1,700 to more than 1,840 U.S. dollars per troy ounce at the end of the week could even be the beginning of the breakout from the month-long downtrend. More. A significant jump above the downtrend, which would probably have happened with the weekly close above 1,850 dollars, would probably also end the roughly ten-year consolidation after the highs in 2011. In fact, the all-time high in late summer 2020 was not the expected free punch for the gold price. The old all-time high would be the next strong resistance on the way significantly further up.
Investors can even leverage the upward movement with shares of fundamentally good companies that own promising gold projects. Those who are aware that this also entails higher risks should make a good choice with gold stocks such as Victoria Gold and Karora Resources.
Victoria Gold - https://www.youtube.com/watch?v=SnDfCmACDA4 - is exploring for gold in the Yukon. The Eagle Gold Mine produced nearly 27,000 ounces of gold in the first quarter of 2021. This resulted in an operating profit of just over $22.3 million.
Karora Resources - https://www.youtube.com/watch?v=88NcmShHdHQ - owns the producing Higginsville (open pit) and Beta Hunt (underground) gold mines in Western Australia. In addition, there is the Spargos Reward project, which will probably start mining this year.
Current corporate information and press releases from Victoria Gold (https://www.resource-capital.ch/en/companies/victoria-gold-corp/) and Karora Resources (https://www.resource-capital.ch/en/companies/karora-resources-inc/).
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