GOLD is one of the most bullish trades right now, and I think GOLD will trend to $3,000+ over the next few months or quarters. GOLD also moves slow so these moves could take some time to play out. GOLD has reached my first price target at $2,570 and is flipping this price target from resistance into support here. The one concern that I have with GOLD is the yen carry trade. Japan is the only country hiking rates while the rest of the world is cutting rates. I expect the Japanese Yen $JPY to continue to strengthen, which is going to cause a global short squeeze. Investors have borrowed cheap Yen to purchase assets like US stocks, crypto, and possibly gold. The reverse process is likely to take place where they will selloff their assets (hence the prices will drop on us) in order to pay off their Yen debt. There’s a possibility that GOLD won’t be affected since these investors prefer larger gains with riskier assets. However, it is still important to consider the possible risk as well.

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