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Economist Peter Schiff advises taking advantage of the situation and buying gold and silver at the bottom before it's too late.
Since October 20, when the XAU market entered a bearish trend, the asset has fallen 9%, dropping below $4,000. XAG, which began to decline on October 17, has fallen 14% and broken through its support barrier at $50. However, Schiff wasn't discouraged by the sell-off; in fact, he welcomed it.
Gold is a good buy when it's below $4,000, and silver is even better below $47. Just a week ago, XAU nearly reached $4,400, while XAG was trading in a range above $54.40. These peaks are far from the highs that will be reached during the current bullish trend, Peter said.
Nevertheless, the chart data suggests that it's still too early to invest in precious metals. Gold began to decline after a classic bearish double top pattern emerged, signaling a market reversal. Meanwhile, silver prices have consolidated well below their 200-hour moving average.
Given these facts, we can predict that:
-XAU will fall to $3.856 (50% Fibonacci level);
-XAG will fall to $45.46 (50% Fibonacci level).
-Probable declines in gold (left) and silver prices