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Bitcoin Bulls Rejoice: Pundit Names 3 Key Reasons Why BTC Price Will Tap 150000 This Year

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Bitcoin Bulls Rejoice: Pundit Names 3 Key Reasons Why BTC Price Will Tap $150,000 This Year

By Brenda Ngari – February 21, 2024

Bitcoin recently crossed the $50,000 mark, regaining the $1 trillion market capitalization for the first time since Dec. 2021. The big question now is, when will BTC hit a new all-time high?

Tom Lee, a prominent figure in the crypto community, has identified three major factors he believes will drive Bitcoin to the coveted $150,000 price tag in 2024.

BTC Rocket Fuel: Three Catalysts To Propel Bitcoin Higher

Tom Lee, renowned for his optimistic outlook on Bitcoin, has confidently posited that BTC is primed to hit six figures this year. In an interview with CNBC’s Squawk Box, Lee highlighted three catalysts he thinks will propel BTC to $150,000.

The first one is already here: spot BTC exchange-traded funds (ETFs). These investment vehicles allow investors to gain exposure to Bitcoin without the need to purchase or store the crypto asset directly. After a decade of denials, the U.S. Securities and Exchange Commission (SEC) finally approved nearly a dozen spot BTC ETFs in a historic move.

According to Lee, spot ETFs will gobble up Bitcoins from the market, bringing a steady inflow of non-speculative investment for the first time in Bitcoin’s history. Demand for these new products will light a fire under the industry’s flagship cryptocurrency’s bulls.

The second catalyst is the impending Bitcoin halving in April. The quadrennial event effectively halves the new supply of BTC entering the market each day. Theoretically, fewer Bitcoins in circulation means that the value of the cryptocurrency will soar with demand amid a supply shock.

The final important factor likely to propel Bitcoin prices higher is the benchmark interest rates. There is a growing consensus that U.S. Federal Reserve officials will start cutting rates in 2024. Lower interest rates are a boon to risk assets like Bitcoin, Lee elaborated, contributing to a potential rally.

Lee’s prognostication comes days after “Rich Dad Poor Dad” author Robert Kiyosaki made a similar super bullish forecast on the price of Bitcoin. As reported by ZyCrypto, Kiyosaki said he anticipates Bitcoin to hit $100,000 by June 2024 — which is just two months after the miner rewards halving.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

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Finding Your Way Into a Mindset That Is Prepared For Change

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Finding Your Way Into a Mindset That Is Prepared For Change

Finding Your Way Into a Mindset That Is Prepared For Change

Finding Your Way Into a Mindset That Is Prepared For Change

Changes, regardless of how insignificant they may seem, may be an enormously challenging aspect of life. However, if you are aware that changes are on the horizon (which is always the case), there are methods in which you may modify your thinking in order to better prepare yourself for these changes.

FIRST, LET GO OF THE PAST. FINDING YOUR WAY INTO A MINDSET

When you hold onto something from your past, it’s hard to embrace the future. You should get into the habit of letting go of things that consistently have a negative impact on your life. This way, you’ll be better prepared for change when it happens.

REMAIN INQUISITIVE

Never let fear prevent you from asking questions, and remember to keep an open mind when you receive answers. When you question the things that are going on around you, you are engaging your critical thinking skills, which may be essential when you are making a major shift. One of the most effective ways to maintain your curiosity is to ask “what-if” questions about any situation that you might find yourself in.

ecosystem for entrepreneurs

HAVE CONTINGENCY PLANS READY.

It’s often misunderstood that having a backup plan means you don’t trust yourself. But that’s not completely true. Even though you hope to never use your backup plans, it’s important to have them. Thinking about possible situations where things could go wrong requires the same smart thinking as before. Having these critical thinking skills will help you anticipate problems, making it easier for you to adapt to changes.

SEEK OUT SOURCES OF MOTIVATION FINDING YOUR WAY INTO A MINDSET

In your daily life, if you’re just doing things without thinking, any unexpected change will surprise you and leave you unsure how to handle it. But if you’re always expecting your life to change, you’ll be better prepared to deal with whatever happens, even if it’s not what you expected. By regularly seeking change, you’ll be ready for anything. You can find inspiration by reflecting on yourself during meditation or visualization. This is a powerful way to find inspiration.

You need to be in the right mindset now to be ready for any change that may come your way. Leave the past behind, stay curious, seek inspiration, and have backup plans. Doing these things will help you clear your mind and prepare your critical thinking abilities to conquer the unknown.

Source: https://rtateblogspot.com/

Tim Moseley

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Gold Price News: Gold Ends Higher to Pare Weekly Losses

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Gold Price News: Gold Ends Higher to Pare Weekly Losses

Gold prices were marginally higher on Friday, ending the week in an upward trend, and partly regaining ground lost earlier in the week.

Prices spent most of the morning at around $2,005 an ounce, and barring a brief drop to $1,995 an ounce, prices held their ground to trade at $2,005 to $2,010 by late afternoon.

The modest gains followed a strong day on Thursday when gold rebounded from Wednesday’s intra-week low of $1,985 an ounce.

US producer prices were released Friday showing an increase of 0.3% in January, larger than the market’s expected 0.1% rise. And core PPI figures, which exclude food and energy, which tend to be volatile, showed a larger rise of 0.5%, versus market expectations of a 0.1% increase. Inflation figures matter because they add pressure on central banks to maintain higher rates for longer, a negative factor for non-interest-bearing assets like gold.

Gold’s sudden drop below $2,000 coincided with the release of the US stats in the early afternoon, although prices quickly rebounded to end marginally higher day-on-day.

Looking ahead, Tuesday will see the release of monthly inflation data from Canada, while eyes will also be on Wednesday’s US Fed FOMC minutes for further clues about potential interest rate trajectories. The Fed’s next meetings are scheduled for March 20 and May 1. Data from interest rate traders points to a roughly 35% probability of a 25-basis point cut in rates at the May meeting.

Frank’s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets. He has worked as a senior editor for S&P Global Commodity Insights (formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.

Time to Buy Gold and Silver

Tim Moseley

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MicroStrategy’s Bitcoin Profit Surges to 357 Billion as BTC Price Soars

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MicroStrategy’s Bitcoin Profit Surges to $3.57 Billion as BTC Price Soars

By Newton Gitonga – February 20, 2024

MicroStrategy has seen its Bitcoin profit surge to almost $4 billion as the price of the cryptocurrency soars.

The company, which has been actively acquiring Bitcoin since August 2020, is currently the world’s largest publicly traded corporate holder of digital assets, with a staggering 190,000 BTC in its treasury. MicroStrategy’s latest Bitcoin acquisition was in January of this year when the firm bought 850 Bitcoins for $37.5 million.

According to data from Saylor Tracker, a reliable service monitoring MicroStrategy’s Bitcoin acquisitions, the recent surge in Bitcoin’s price to $50,000 has propelled the value of MicroStrategy’s holdings to a staggering $9.48 billion. Remarkably, with Bitcoin’s current price at $49,650, MicroStrategy’s cost basis for its Bitcoin holdings is $31,464.74 per coin. This means the firm is currently sitting on an unrealized profit of a staggering $3.505 billion.

Michael Saylor, MicroStrategy’s co-founder and Executive Chairperson, has shown no signs of abating with his Bitcoin purchases. In an interview with CNBC on Monday, Saylor stated that there is “10 years of pent-up demand” for Bitcoin ETFs and that the emergence of these ETFs has driven up demand for the digital asset.

Saylor also stated that Bitcoin’s unique characteristics, such as being digital, global, and uncorrelated to traditional risk assets, make it a natural addition to investment portfolios. He added that there is a significant supply-demand imbalance in the market, with ten times as much demand coming through the ETFs as there is supply from natural sellers, such as miners.

MicroStrategy’s success with Bitcoin has led the company to rebrand itself as a “Bitcoin development company.” According to Saylor, this decision was a natural one, given the company’s success with Bitcoin and its unique status as the largest corporate holder of the digital asset.

“It makes for us to call ourselves a Bitcoin development company in the same way you see a real estate development company or petroleum development company…,” said Saylor.

That said, with Bitcoin’s price continuing to soar, the company’s position as the world’s single largest corporate holder of digital assets could continue unchallenged despite the emergence of various spot ETF issuers, even as it plans to acquire more coins.

“We are going to develop software, generate cash flow [and] leverage the capital markets, all in order to accumulate more Bitcoin for our shareholders and to promote the growth of the bitcoin network given the fact that the majority of enterprise value is now based upon those bitcoin related activities.” He added.

Meanwhile, El Salvador’s Bitcoin holdings have also performed well amidst the recent price upsurge. At press time, the country’s stash of 2,833 BTC was valued at $140,383,025, generating unrealized profits of $20,119,365, as per data from Nayibtracker.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

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XRP Solana Cardano Shiba Inu Making Up for Lost Time as Big Whale Transaction Spikes Pop Up

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XRP, Solana, Cardano, Shiba Inu Making Up for Lost Time as Big Whale Transaction Spikes Pop Up

By Brian Njuguna – February 19, 2024

As the crypto market continues to enjoy notable bullish momentum, altcoins are riding on this wave thanks to heightened whale transactions.

Taking on X (formerly Twitter), leading on-chain metrics provider Santiment acknowledged, “While Bitcoin profits are being distributed to various altcoins, several are showing signs of drawing whale interest.”

Therefore, Injective (INJ) and Basic Attention Token (BAT) have led the altcoin race as whales show soaring interest on the foundation of factors like their notable use cases.

For instance, INJ is revolutionizing the decentralized finance (DeFi) sector by enabling Web3 members to stake for rewards and approve proposals for protocol upgrades, among others.

Are Altcoins Eyeing Hype Cycles?

With Bitcoin recently breaching the $52,000 level, altcoins are eyeing this bullish run after several weeks of retracement.

Leading crypto analyst Rekt Capital acknowledged, “With the Bitcoin rally in progress, it’s a matter of time before that money flows into Altcoins. Altcoins are getting ready.”


Source: RektCapital

Therefore, this analysis suggests that altcoins might be gearing up for hype cycles that could increase prices.

Some top altcoins, such as Ethereum (ETH), have been leading the altcoin rally, given that the second-largest cryptocurrency based on market value is edging closer to the psychological price of $3,000.

ETH was up by 12.5% in the past week to hit $2,935 at the time of writing, according to CoinGecko data.

Therefore, altcoin bulls are not relenting on their quest to scale heights, with Solana (SOL), XRP, Shiba Inu (SHIB) and Cardano (ADA) recently recording massive gains after making a major U-turn.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brian Njuguna and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

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Inflation fears force hedge funds to ditch gold increase bearish bets in silver

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Inflation fears force hedge funds to ditch gold, increase bearish bets in silver

Gold and silver continue to defy the odds as the precious metals hold critical support even as inflation fears prompted hedge funds to liquidate their bullish positionings and increase their speculative bets, according to the latest trade data from the Commodity Futures Trading Commission.

Commodity analysts at Société Générale noted that the gold market led speculative outflows in the commodity space last week as $6.9 billion fled the precious metal.

The CFTC's disaggregated Commitments of Traders report for the week ending Feb. 13 showed money managers decreased their speculative gross long positions in Comex gold futures by 13,674 contracts to 100,642. At the same time, short positions increased by 20,219 contracts to 66,466 contracts.

The gold market is now net long by only 34,176 contracts as bullish speculative positioning falls to its lowest level since Oct. 16. Although bullish interest in gold continues to weaken, the price continues to hold critical support at $2,000.

Bearish momentum in gold picked up last week after the U.S. Labor Department said that its Consumer Price Index rose more than expected, increasing 3.1% in the 12 months to January. Inflation was hotter than expected, as economists were expecting the annual CPI to rise 2.9%.

Renewed inflation fears caused markets to push back the timing of a potential rate cut from the Federal Reserve. A March rate cut has been pretty much priced out of the market and there is less than 50% chance of easing in May.

Although gold prices have room to move lower, analysts see a relatively solid floor in the market as the Federal Reserve is expected to eventually ease its monetary policy.

"We have highlighted on several occasions in recent months that both [gold and silver] are likely to remain stuck until we get a better understanding about the delivery of future U.S. rate cuts. Until the first cut is delivered, the market may at times run ahead of itself, in the process building up rate cut expectations to levels that leave prices vulnerable to a correction," said Ole Hansen, head of commodity strategy at Saxo Bank, in a comment to Kitco News Friday.

At the same time, while lackluster Western investment demand keeps a lid on prices, Hansen noted that the market continues to be supported by robust Asian demand.

“Gold will likely struggle in the short term, but as the rate cut expectations are being dialed back, but overall, I look forward to seeing how Chinese investors respond to slightly lower prices next week. I believe the physical demand from central banks and retail investors, not least in China, will continue to provide a soft floor under the market,” he said.

Commodity analyst at TD Securities said that the gold market is building momentum for a potential short squeeze as macro traders are under-positioned for the Federal Reserve’s easing cycle.

“This highlights a set-up for the yellow metal that is ripe with asymmetry and prone to a material short squeeze as Fed officials contemplate the start of a cutting cycle. In this sense, algorithmic selling exhaustion has already morphed into buying activity, adding pressure on macro trader shorts,” the analysts said.

Along with gold, silver has also struggled as potentially higher for longer interest rates pushes the market into bearish positioning.

The disaggregated report showed that money-managed speculative gross long positions in Comex silver futures rose by 903 contracts to 33,004. At the same time, short positions rose by 5,287 contracts to 41,987 contracts.

Sentiment in the silver market pushed further into bearish territory by 8,983 contracts. Speculative short positioning has risen to its highest level since early March 2023.

Despite the bearish sentiment, silver prices held critical support at $22 an ounce. The precious metal bounced off a three-month low to end last week with nearly a 7% gain.

Although interest rate expectations are weighing on silver, some analysts have said that silver is a more attractive inflation hedge than gold and could start to outperform the yellow metal.

Kitco Media

Neils Christensen

Time to Buy Gold and Silver

Tim Moseley

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Make Money With PLR Content

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Make Money With PLR Content

Private Label Rights PLR Content

Private Label Rights (PLR) content is a type of content that is created by someone else and then made available for purchase and use by other people. PLR content can be used to create blog posts, ebooks, videos, and other digital products. Many people are making thousands of dollars a month by using PLR content to create their own products and sell them online. In this blog post, I will be sharing the steps you can follow to use PLR to make $5000 a month without your own list.

STEP 1: SELECT A PROFITABLE NICHE.

The first step in making money with PLR is to select a profitable niche. A profitable niche is a niche that has high demand and low competition. You can use tools like Google Trends and Keyword Planner to research profitable niches.

Once you have identified a profitable niche, the next step is to find high-quality PLR content related to that niche. There are many websites that offer PLR content, such as PLR.me and Master Resale Rights.

STEP 2: CUSTOMIZE THE PLR CONTENT.

The next step is to customize the PLR content to make it unique. This can be done by adding your own voice and personality to the content, as well as by adding your own images, videos, and graphics.

You can also edit the PLR content to make it more engaging and compelling. For example, you can break up long paragraphs into shorter ones, add subheadings, and bullet points.

STEP 3: CREATE A PRODUCT.

Once you have customized the PLR content, the next step is to create a product. This can be done by combining multiple pieces of PLR content into an ebook, video course, or membership site.

You can also create a product by repurposing the PLR content into different formats. For example, you can turn an ebook into a video course or podcast.

STEP 4: SET UP A SALES FUNNEL. PLR CONTENT

A sales funnel is a series of steps that lead a prospect to becoming a customer. The first step in setting up a sales funnel is to create a lead magnet. A lead magnet is a free piece of content that you offer in exchange for a prospect’s email address.

Once you have created a lead magnet, the next step is to create a landing page. A landing page is a web page that is designed to convert visitors into leads by offering them the lead magnet.

After a prospect has opted in and become a lead, the next step is to send them a welcome series of emails. These emails should build trust and authority, as well as provide value.

Finally, you can send a series of sales emails that promote your product. These emails should highlight the benefits of your product and provide a call to action.

STEP 5: DRIVE TRAFFIC TO YOUR SALES FUNNEL.

The final step in making money with PLR is to drive traffic to your sales funnel. There are many ways to drive traffic, such as social media marketing, paid advertising, content marketing, and search engine optimization.

One of the most effective ways to drive traffic is to guest post on other blogs. By guest posting, you can reach a new audience and build relationships with other bloggers.

Another effective way to drive traffic is to participate in online communities. By participating in forums, groups, and discussion boards related to your niche, you can establish yourself as an authority and build relationships with other members.

Conclusion

Using PLR content to make $5000 a month without your own list is a proven strategy that many people are using to make a full-time income online. By following the steps outlined in this blog post, you can select a profitable niche, customize PLR content, create a product, set up a sales funnel, and drive traffic to your sales funnel. With persistence and hard work, you can achieve financial freedom and live the life of your dreams.

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Tim Moseley

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Robert Kiyosaki Forecasts Bitcoin Surge To 100000 By June 2024

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Robert Kiyosaki Forecasts Bitcoin Surge To $100,000 By June 2024

By Newton Gitonga – February 19, 2024

Robert Kiyosaki, the author of the best-selling personal finance book “Rich Dad Poor Dad,” has forecasted that the price of Bitcoin could reach $100,000 by June 2024.

In a tweet on Monday, Kiyosaki stated, “BITCOIN to $100k by June 2024.” This is not the first time Kiyosaki has expressed his support for Bitcoin.

Kiyosaki has long been an advocate for investing in assets that can serve as a hedge against inflation, such as gold, silver, and Bitcoin. In a recent tweet, he explained that he sees these assets as “parachutes for your personal soft landing” in the event of a global economic crash.

Kiyosaki also discussed the importance of understanding the nature of money and the problems with central banking. He criticized the government’s ability to print money, stating that it is a form of theft that transfers wealth from savers to the government and the wealthy.

“BAIL OUT, BAIL OUT, BAIL OUT: In US Navy Flight School, student pilots learn how to fly and how to crash their plane. Financial losers will lose money because they do not know what to do with their money as banks fail and world economy crashes. For many years, I have warned, ‘Buy Gold, Silver, Bitcoin.” He wrote.

In an interview last week, he discussed the upcoming Bitcoin halving event and its potential impact on the price of the cryptocurrency. The Bitcoin halving, which is scheduled to take place in April 2024, is a pre-programmed event in which the reward for mining new blocks on the Bitcoin network is cut in half. This happens every four years and is intended to help maintain the scarcity of Bitcoin, as the total supply is limited to 21 million coins.

In the interview, he expressed his belief that the price of Bitcoin could reach six figures in the coming years. of a Bitcoin, making it accessible to investors with any amount of capital.

Kiyosaki also expressed his support for the decentralized nature of Bitcoin, stating that it is a fair and equitable economic system that is not subject to the same manipulation and corruption as traditional fiat currencies.

Meanwhile, Bitcoin continued its strong performance on Monday, following two consecutive weeks of bullish action. At press time, the cryptocurrency was trading at $52,084 after a surge of 0.65% in the past 24 hours. In addition, Bitcoin’s trading volume saw a slight increase, rising by 5.51% to $21.7 billion in the same duration.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

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Are investors swapping their gold for Bitcoin as inflation fears rise?

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Are investors swapping their gold for Bitcoin as inflation fears rise?

For months now, economists have warned consumers that inflation will be a challenging monster to slay, that that last push to get prices below 2% will be a hard mile, or a tough row to hoe; take your pick of analogies or metaphors because they are all true.

This past week, we saw both consumer and producer prices rise more than expected, and while prices have come down from their 2022 peaks, we are still a long way from the Federal Reserve’s target of 2%.

Gold and silver prices dropped to multi-month lows, testing critical support at $2,000 and $22 an ounce, respectively. Investors continue to flee the gold market as higher-for-longer interest rates support higher bond yields and a stronger U.S. dollar.

Instead of gold, investors continue to push equities to record highs, and they also see new opportunities in Bitcoin. This past week, Kitco’s Jordan Finneseth noted that so far this year, more than $3 billion has flowed out of global gold-backed exchange-traded products. At the same time, the newly approved Bitcoin ETFs have seen total inflows of $4.115 billion.

Finneseth noted that with inflows of $4 billion, the cryptocurrency ETFs achieved in one month what took the gold market two years.

However, even in this difficult environment, we still must acknowledge the underlying strength of the precious metals market.

Despite the selling pressure, the precious metals were able to hold critical support levels. Silver, in particular, has rallied 7% from its lows earlier this week. Gold and silver may not be attractive assets as the Federal Reserve maintains its aggressive monetary policy stance; however, very few investors are actively shorting these assets.

Along with the inflation threat, fears of a recession have not completely disappeared; at the same time, there is enough geopolitical uncertainty to maintain a robust safe-haven bid in gold.

Let’s also not forget that a healthy physical gold market provides some price support. According to the National Retailers Federation, U.S. consumers were expected to spend a record $6.4 billion in jewelry for this year’s Valentine's Day. Jewelry purchases represented a significant portion of the $25.8 billion expected to be spent on gifts ahead of Feb. 14.

Meanwhile, China continues to assert its dominance in the gold market. According to a report from the World Gold Council, China’s gold market set all-time highs in several sectors in January. The WGC noted that 271 tonnes of gold was withdrawn from the Shanghai Gold Exchange last month, the busiest January on record and the third-biggest in the exchange’s entire history. Total holdings in Chinese-listed gold ETFs hit a record high last month At the same time, the People’s Bank of China continued to buy gold for the 15th consecutive month.

Despite the selling pressure in the gold market, there are some significant pillars of strength, and for many analysts, buying on dips is seen as a solid tactical investment.

Kitco Media

Neils Christensen

Time to Buy Gold and Silver

Tim Moseley

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Ignore gold and focus on silver as prices rally 7 from support

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Ignore gold and focus on silver as prices rally 7% from support

Rising inflation pressures have taken their toll on the gold market. While a lot has been thrown at the precious metal, it continues to hold critical support, at least for now, according to some analysts.

Although gold is ending its second week in negative territory, it is entering the weekend well off its lows after holding critical support at $2,000 an ounce. April gold futures last traded at $2,025.60 an ounce, down 0.64% from last Friday.

Analysts note that gold has struggled as hotter-than-expected consumer and producer prices force investors to push back the start of the Federal Reserve's easing cycle. Markets see only a 10% chance of a March rate cut; at the same time, the CME FedWatch Tool shows markets see only a 33% chance of a move in May. However, there are still solid expectations that the U.S. central bank could start easing interest rates in June.

Ole Hansen, head of commodity strategy at Saxo Bank, said that although gold could see further selling pressure in the near term, he remains bullish in the long term.

"We have highlighted on several occasions in recent months that both [gold and silver] are likely to remain stuck until we get a better understanding about the delivery of future U.S. rate cuts. Until the first cut is delivered, the market may at times run ahead of itself, in the process building up rate cut expectations to levels that leave prices vulnerable to a correction," he said.

However, Hansen added that despite the risks of lower prices, robust physical demand in Asia should continue to provide support for gold until investors come in to drive prices higher.

"Gold will likely struggle in the short term as rate cut expectations are being dialed back. But overall, I look forward to seeing how Chinese investors respond to slightly lower prices next week. I believe the physical demand from central banks and retail investors, not least in China, will continue to provide a soft floor under the market," he added.

Barbara Lambrecht, commodity analyst at Commerzbank, said that she is not expecting to see much movement in gold in the near term as the market remains caught in a tug-of-war between investors looking for the Fed to cut rates and others expecting higher for longer.

"As the market is already very cautious with regard to key interest rates, the potential for further corrections is likely to be rather small. After all, key interest rate cuts are still expected this year," she said.

Markets will be closed on Monday in recognition of Presidents' Day. With markets balancing on a knife's edge, analysts have said that investors will be paying close attention to the minutes of the Federal Reserve's January monetary policy meeting. Gold could be sensitive to any comments regarding the timing of the central bank's first rate cut.

Silver is the metal to watch

Julia Cordova, Founder of CordovaTrades and author of the weekly newsletter The MoneyMaker, said she sees more potential in silver.

"Silver looks to have been basing," she said. "Silver will dramatically outperform gold to the upside next week."

Michele Schneider, director of trading education and research at MarketGauge, said she is also paying more attention to silver and is completely neutral on gold.

"I am pretty much ignoring gold until prices fall to $1,920 or break above $2,100 an ounce," she said.

Schneider said that silver, because of its robust industrial demand, is in a perfect position to benefit from rising inflation.

"We're heading into an inflation that the Fed is not necessarily ready for or possibly able to control without killing gold," she said. Nobody's going to fly to silver as a safety flight unless they're worried about inflation. Right now, we just might need to be concerned about inflation."

The bullish calls on silver come as prices have managed to hold critical support at $22 an ounce and are ending the week testing initial resistance at $23.50 an ounce. The silver price is ending the week up 7% from its lows.

Economic data for the week

Wednesday: FOMC meeting minutes

Thursday: Flash US PMI, Weekly jobless claims, U.S. existing home sales

Kitco Media

Neils Christensen

Time to Buy Gold and Silver

Tim Moseley

The Artist that came out of the Winter