Gold and silver have performed well over the past week. But now the price target of $ 1,840 in the future has almost been reached. “We are now in a situation where the market has to decide,” says Markus Bußler. Either gold is developing a short-term, extremely bullish scenario in which the gold price simply continues, or gold is sticking to its schedule and will correct it in the coming weeks.
There are indications that gold and silver will reset again before the rise towards a new all-time high begins in autumn. The stocks of the major gold producers no longer tracked the rise to a new multi-year high in gold. Both Barrick and Newmont – but also Franco-Nevada or Kinross could not keep up with the gold price recently. There have been some very pleasing movements in the third row. However, the fact that the large gold stocks have not reached new highs underpins the already existing chart-technical thesis that gold and silver could go through a phase of weakness until around mid-August before things start to pick up again. Markus Bußler expects further courses in the area of the all-time high for autumn. The cyclical top should be achieved around the US presidential election.