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Gold has traded sidewards for the last couple of weeks, but the price activity is forming a bottom, claimed Frank Holmes, Chief Executive Officer of UNITED STATE Global Investors.
Despite market volatility in advance of the November governmental election, Holmes keeps his $4,000 cost target.
" The bottom that you're seeing in gold is like an excellent Miami coastline bottom. Gold will certainly increase and also it will certainly drop, the DNA of volatility you can determine over 20 trading days, 60 trading days, twelve month, it was up when we talked about a time for a modification in at first of August three basic inconsistencies over 20 trading days. It's now down one typical deviation," Holmes told Kitco Information.
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Gold price has bottomed, $4k target for either Trump or Biden victory – Frank Holmes
Gold has traded sideways for the last few weeks, but the price action is forming a bottom, said Frank Holmes, CEO of U.S. Global Investors.
Despite market volatility ahead of the November presidential election, Holmes maintains his $4,000 price target.
“The bottom that you’re seeing in gold is like a perfect Miami beach bottom. Gold will go up and it will go down, the DNA of volatility you can measure over 20 trading days, 60 trading days, 12 months, it was up when we talked about a time for a correction in in the beginning of August three standard deviations over 20 trading days. It’s now down one standard deviation,” Holmes told Kitco News.
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