Gold: Jan 29, 2024 || Analyst: Shane (CEWA-Master Candidate),
Bottom line: Gold may rally with wave 2 (Circled, red).
The big context indicates Gold is heading towards a Bear market, but the short-term outlook suggests a Bull market with wave 2 (Circled, red). What makes me contemplate a short-term Bull market is Gold consistently holding above the level of 2001.60, and even starting to rise above the 50% retracement level of the previous Bear market. A feasible target for wave 2 is around 2046 while the price maintains above 2009.0.
A drop below 2001.60 would clarify the Bear market perspective.
Note: The Bear market represents the major trend in the market, while the Bull market is a short-term outlook. The outlook can easily change based on price action, whereas the context is the opposite.
Bottom line: Gold may rally with wave 2 (Circled, red).
The big context indicates Gold is heading towards a Bear market, but the short-term outlook suggests a Bull market with wave 2 (Circled, red). What makes me contemplate a short-term Bull market is Gold consistently holding above the level of 2001.60, and even starting to rise above the 50% retracement level of the previous Bear market. A feasible target for wave 2 is around 2046 while the price maintains above 2009.0.
A drop below 2001.60 would clarify the Bear market perspective.
Note: The Bear market represents the major trend in the market, while the Bull market is a short-term outlook. The outlook can easily change based on price action, whereas the context is the opposite.
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