Gold Seasonal Rally
Dear Steemit friends,
Most of the summer of this year is already behind us, and unfortunately, all of the summer we have been observing gold price slide continuously down. It has been painful, however, historically gold price doesn't do well in summer. Have a look at the seasonality chart below (courtesy of Zeal LLC). The chart covers the period 2001 - 2015.
The chart shows that generally, the price is weakest between the middle of May and early August. It also shows that an average price gain from July to October is 6.1%; and an even better gain is usual for the time of the Chinese New Year: 8.2%. Three of the best times to buy gold during 2001 - 2015 were in mid-April, July, and mid-October (indicated with green "Long" on the chart).
Current gold price is at about $1215, and a 6% gain would mean a price of about $1290. Unfortunately, that price would be relatively far from breaking above the highs at $1370. How do you guys think, will gold break above $1370 by October-November? Share you opinion in the comments, and I will be glad to upvote the meaningful ones.
Have a nice weekend!
Don't know about breaking 1370 by October, but I am hoping for a nice rally.
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