Gold - Gona Keep Going OMG!

Oct 18

• Probability of Gold hitting $2,800:
  Probability: 75%
• This estimate is based on the strong upward momentum, safe-haven demand due to geopolitical risks, and continued economic uncertainty. Gold has already broken prior resistance levels, and the market sentiment is strongly bullish.
  
  
• Time Frame:
• 2 to 4 weeks
  
• Gold appears to be in a consolidation phase after reaching $2,729. A short-term pullback is likely, but the overall trajectory is bullish. Given the pace of recent moves and typical gold price action, it could take 2 to 4 weeks to reach $2,800, assuming no significant downward shocks.
  
  
• Key Drivers:
• The debasement of the U.S. dollar
  
• Most recent action in the gold market is driven by hedge funds and investor demand
  
• U.S. election uncertainty, creates structural bullish conditions for gold.
  
• Both presidential candidates (Kamala Harris and Donald Trump) are expected to favor gold
  
• Despite strong U.S. labor data, smaller Fed rate cuts are anticipated, which typically benefits non-interest-bearing assets like gold.
  
• Safe-haven demand is being driven by geopolitical tensions, particularly with Israel’s conflict
  
• BMI analysts expect gold to trade between $2,500 and $2,800 an ounce through the end of 2024 and early 2025, supported by geopolitical tension and Fed rate cuts.
  
• Private investors are taking profits at high levels, but selling is slow, indicating long-term confidence in gold’s outlook.
  

• Sentiment of Trdaers are continuously Short-obsessed with counter trades on Gold ?????
  
  
• I track them out of curiosity