Gold Spot / U.S. DollarUpdated Gold recovers to 2050 USD?
Gold is showing clear signs of recovery today. Currently, the precious metal is trading around $1967, marking a $7 increase for the day.
It can be observed that after gold formed a peak at $2010, which we call wave 1 in the DOW theory, wave 2 has corrected down to the 0.618 Fibonacci level, corresponding to $1933. Along with that, it has tested the EMA 34 and 89 lines again. If wave 3 (the current wave) of the DOW continues to unfold, it will be a price uptrend with a temporary target of $2010 and potentially reaching $2050.
It can be observed that after gold formed a peak at $2010, which we call wave 1 in the DOW theory, wave 2 has corrected down to the 0.618 Fibonacci level, corresponding to $1933. Along with that, it has tested the EMA 34 and 89 lines again. If wave 3 (the current wave) of the DOW continues to unfold, it will be a price uptrend with a temporary target of $2010 and potentially reaching $2050.
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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.