Could Gold Be Gearing Up For A Major Rally?

Gold last traded at $1,895 an ounce. Silver at $24.24 an ounce.

NEWS SUMMARY: Precious metal prices rose Tuesday on bargain-hunting and a weaker dollar. U.S. stocks fell on downbeat airline news and an uptick in new U.S. coronavirus cases.

OilPrice.com---"First, Gold dipped from $1,692 to $1,564, then recovered to new highs ($1,704.50) on March 10, 2020. Then, as the deeper COVID-19 selling continued, Gold prices dipped again - this time targeting a low level of $1,450.90. What we found interesting is how quickly Gold prices recovered and broke to even higher price levels after this deep selling. Our belief is that when a crisis event first hits, which we sometimes call the 'shock-wave', all assets take a beating - including Gold and Silver. This is the event where traders and investors pull everything to CASH (closing positions). Then, as the shock-wave ends, traders re-evaluate the price levels of assets to determine how they want to deploy their capital. Our belief that this DIP or double-dip pattern in Gold because of crisis events presents a very solid opportunity for skilled traders to add-to existing positions or strategically target shorter-term upside price swings in precious metals....The question for gold traders right now is 'does the $1,885 level hold as support or will gold break lower trying to fund support?'. My researchers and I believe the current bottom in Gold is set up and the $1,885 price will hold as support. We also believe the next move higher will prompt a rally targeting levels near $2,250. Watch for the momentum base to continue to form near $1,885 before the breakout rally trend in Gold starts. Once it breaks the $2,035 level, it should start to rally upward very quickly."