Gold was traded at $1,790 at the start of the day. Meanwhile, Incrementum AG executive, CEO of Soar Financial Group, and the Economies team made gold predictions. While Incrementum AG said that gold could hit all-time highs in a few months, the Economies team stated that they think gold will decline for today. Request Cryptocoin. com
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Incrementum AG managing partner: We are not far from the dates when the gold price will see its all-time high
According to Ronald-Peter Stoeferle, managing partner of Incrementum AG, global financial markets have reached a “monetary tipping point.” After this tipping point, inflation will continue to rise, real interest rates will remain in the negative or near zero percent zone, and monetary policy will become less effective for markets than fiscal policy; this will be a period of financial domination.
Stoeferle said, “The perception towards gold is already so negative that the price is at the point where it could hit all-time highs in the next few months. That’s why we’re not that far from the record.” Stoeferle said the intense pessimism in the gold industry bodes well, from a contrary perspective. In Bitcoin, he noted that the next phase of price-setting has not yet begun.
Economies team: “We are on the bear train” for today
Kai Hoffmann, CEO of Soar Financial Group, talked about why gold should be bought when the S&P 500 is constantly rallying and other base metals are likely to outperform in the medium-term outlook. Hoffmann noted that miners’ margins were “squeezed” as the price of gold remained stagnant while the dollar series of input costs rose. However, he said funding options still remain.
Meanwhile, the Economies team shared its gold analysis for September 13 and says that the gold price closed below the 1797.00 level last Friday, which puts the price under negative pressure in the coming sessions. As the first stop, gold is expected to visit $1,770.
Therefore, a bearish bias is expected on an intraday basis, given that a break and hold above the $1,797 level will likely lead the price to rebound and essentially head towards 1.825. According to the team, the expected trading range for today is between 1770.00 support and 1805.00 resistance. According to the team, the expected trend for the day is the bear trend.