It may soon be safe to buy gold .
That’s according to Mark Newton, founder of Newton Advisors, who says the precious metal could be a buy on a pullback.
“On the intermediate term basis, the charts look pretty compelling.” Newton said on CNBC’s “ Trading Nation ” on Thursday. “The weekly trend still looks quite bullish, and one would want to really buy into any sort of pullback we see over the next month.”Gold fell below $1,865 on Thursday despite a bullish note from Citi. Analysts forecast an average price of $2,500 next year as part of their bull case for gold. Newton says the time is coming to dip into the safe-haven asset.“We did move back to all-time high territory over the last two years. We moved from August of 2018 into August of this past year. … I’m looking at about $100 lower, $1,750 down to $1,650, […]
November 20, 2020 Published by StockMan