Gold Consolidating for a Robust Uptrend
Updated
On Weekly Basis:
GOLD took a support at 1640 (inverted head) on weekly charts (October, 2022) after it made a peak at 2035 (August, 2020) and correcting nearly 50%. It tried to pierce the daily top of 2070 twice after peaking in August,2020. It means it made a triple top which could mean a bear market for GOLD instead it made an inverted head at 1640 and shoulder pattern between 2010 to 2035. 50% retracement has been completed 1640, starting from 1190 and completing at 2035. The year 2024 is the fourth year of consolidation in GOLD. The resistance at 2035 has been broken and remaining in medium term consolidation pattern between 1980 to 2075. Currently 200 DMA is at 1966 with an uptrend.
Fresh new Wave may start in near future by the time 200 DMA move above 2000 level. One can be optimistic and it provides a good choice to buy at current level with a minimum bold target of 2950, which becomes a strong buy from long term point of view. It has come out of oversold position to neutral zone. RSI was oversold in October, 2023. Now it has broken out of the long-term channel of 4 years and continuously trading above the upper line of the channel at an all-time high with minor blip down.
Warning and Disclaimer:
Above prediction should not be taken as financial advise, it is a personal opinion.
Consult your financial advisor.
Investment is subject to market risks.
Past performance is not the guarantee for future performance.
It is for educational purpose only.
GOLD took a support at 1640 (inverted head) on weekly charts (October, 2022) after it made a peak at 2035 (August, 2020) and correcting nearly 50%. It tried to pierce the daily top of 2070 twice after peaking in August,2020. It means it made a triple top which could mean a bear market for GOLD instead it made an inverted head at 1640 and shoulder pattern between 2010 to 2035. 50% retracement has been completed 1640, starting from 1190 and completing at 2035. The year 2024 is the fourth year of consolidation in GOLD. The resistance at 2035 has been broken and remaining in medium term consolidation pattern between 1980 to 2075. Currently 200 DMA is at 1966 with an uptrend.
Fresh new Wave may start in near future by the time 200 DMA move above 2000 level. One can be optimistic and it provides a good choice to buy at current level with a minimum bold target of 2950, which becomes a strong buy from long term point of view. It has come out of oversold position to neutral zone. RSI was oversold in October, 2023. Now it has broken out of the long-term channel of 4 years and continuously trading above the upper line of the channel at an all-time high with minor blip down.
Warning and Disclaimer:
Above prediction should not be taken as financial advise, it is a personal opinion.
Consult your financial advisor.
Investment is subject to market risks.
Past performance is not the guarantee for future performance.
It is for educational purpose only.
Trade active
Prediction of Gold proved to be correct and it is in continuation of upward trajectory. 2950 target is still in sight before year end. Buy call was made on 13th Feb'24.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.