Probably, I was one of the earliest to predict the baby bull market in Gold about 1-2 months ago. It seems to me that more and more people especially gold bugs are starting to get extremely excited and become a bit complacent again trying to talk about $1600 in the next few weeks. "Rome wasn't built in a day" and you know it is an adage attesting to the need for time to create great things. So, be patient with more buying at the lower level.
But here, I like to warn you that it is just a BABY BULL currently learning how to walk properly. In other words, it may still fall down after walking a few steps. The baby bull still needs to be nurtured properly Before it can walk steadily and grow from strength to strength. It is all about timing.
One of the gold bugs billionaire Eric Sprott yesterday mentioned that the gold market is about to strike a powerful “Golden Cross” ( 50 day moving average crossing 200 days moving average within the next 5 days.
I don’t want to get too excited because it does not mean much for the long term investors though it may be good for a trader. I never use one standalone daily indicator to determine its bullishness. I believe that gold will soon pull back to 200 days MA or 50%-61.8% retracement to present us another opportunity to accumulate gold at lower level once Russia/Ukraine tension eases.
Personally, I am NOT going to act aggressively or even invest in the precious metals or mining shares until a better time when you can buy a lot cheaper. It is time to trade and not invest yet.