Gold at 2600?

Tradeception_ Updated   
TVC:GOLD   CFDs on Gold (US$ / OZ)
From 1150 level back in August 2018, Gold rallied up to 2075 highs in August 2020. After that peak it corrected to 1860 in March 2021. 1860 became the short term bottom for the price as price found support there twice in March. Later in August and September price found support twice in the 1730 zone as marked on the chart. The bullish flag pattern would remain valid if the depth of the flag retracement holds above the 50% level, above 1600. It seems that price has closed above the down trending line on the weekly chart.

Price action in the daily timeframe could again pullback in the flag area and consolidate further before moving ahead and breaking out. This is not a short term trading but an investment idea, the target projected from the mid of the flag would be close to 2600 and should be achieved within 2 years from the point of a successful breakout. One could accumulate slowly at current levels.

Like and follow for more. :)
1900 has been reached. Will wait and watch how far this current rally goes. Will also be looking to add on the pullback. Keep watch. :)
2000 has been reached. A pullback on the daily timeframe is still due. Will look to add when the price pulls back to the 20 EMA on the daily and then continues. A retest and continuation of the pattern will indicate a successful and sustainable breakout.

Keep watch. :)


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