Gold on the Move :2850 Next?Nothing has been changed to the outlook that I shared last time here in tradingview :
Looking at the daily chart of Gold, we can see that the price has been on a significant uptrend, the price has been consistently making higher highs and higher lows, which is a classic sign of a strong uptrend.
The previous All-Time High is now acting as strong support. This is crucial because it shows that the price has successfully retested and held above this level, which could act as a psychological and technical support zone for future price action.
This suggests that the market anticipates further upward movement, possibly due to momentum and investor sentiment.
Given the current trend, gold might continue its ascent towards the projected target. However, watch for any signs of exhaustion or significant pullbacks which could indicate a short-term correction or consolidation.
If the price breaks above the 2850 level convincingly, it could set a new higher base for gold, potentially leading to further gains. However, if there's a rejection at this level, we might see a pullback to the support zone around the previous ATH, which could then act as a buying opportunity if the overall trend remains intact.
overall ,
gold looks bullish in the short to mid-term with a clear target above 2850
