Gold And Silver Can Surge Further After An Impressive 2020 – Matt Maley – Cryptovibes.com – Daily Cryptocurrency and FX News

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining


Gold and silver’s rallies may continue into the new year. These two precious metals closed off their best years since 2010 on December 31 after a year of unexpected volatility brought on by the COVID-19 health crisis.

Apart from some minor hurdles, Matt Maley said that 2021 may bring new records for the commodities. Maley is the chief market strategist at Miller Tabak. While referencing a chart of silver prices, he said:

“They both look pretty good here. We do need a little bit more upside in both of them to confirm that it’s reigniting its upward trend.”

After a significant rally in the first half of 2020, gold and silver experienced a downside movement in August and September. Silver broke below a trend line that extended back to its March low. The strategist added:

“That really worried me. I thought, ‘Geez, this is going to be a problem for silver. But then, instead of making a lower low, it held its early-fall lows and made a double bottom. That was bullish. That propelled the metal to make a new higher high above its November peak, another “very bullish.”

Currently, it is slightly above that trend line but needs to move slightly higher to confirm that it is strongly reversing its trend. Maley thinks that it is getting quite close which means that there is a lot of bullish potential in this space.

Gold Also Has Potential

On the other hand, gold remains in a “downward-sloping trend channel.” For now, it seems to be bumping up against the top line of the trend channel right around $1,900. Therefore, if it manages to break above that level, it will confirm a bullish cycle.

Many analysts want to see a break above $1900 followed by a higher high as time goes by. Maley added:

“So, that 1,950 level is really the one I’m looking at to confirm that we’re going to return to that upward bias in gold. So, again, both have a lot of potentials, but we need a little bit more upside before we can really raise a green flag again on the two commodities.”

Gold prices closed for the holiday at around $1,901.60 on December 31, 2020, while silver ended the year trading at $26.52. The founder and CEO of New Street Advisors Group, Delano Saporu, said that his firm was in a form of a ‘holding pattern’ with its silver and gold positions despite being bullish in the long term.

The Cryptocurrency Factor

Saporu said in an interview:

“There has been a slight pullback and there’s speculation about why. There’s some people that think there might be an outflow out of the precious metals and into cryptocurrency, which has rallied a bit over the last few months.”

This trend may continue to play out in 2021, according to Saporu. He explained further:

“I’m staying in a holding pattern with the precious metals as a percent of the portfolio that I have for most clients and we’re looking into possibly dollar-cost averaging into something that is also a store of value, which is bitcoin.”

There is a major momentum shift into bitcoin currently with institutional investors joining the party and pushing bitcoin above $32.5K. that trend may continue as more adoption happens which might push the valuation of the crypto markets significantly higher.

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close