Mid-term Gold Trend Analysis
As shown in the chart, in the short term, it is expected that a selling opportunity will be formed around October 20th, within the range of 1880-1900. The invalidation level is 1922 for daily time frame.
The target levels for the decline are projected to be 1780/1750/1730. The specific downside target is currently uncertain, but it is highly likely to test the 240-day moving average on the weekly timeframe, which is around the 1750-1760. The earliest time to reach this level would be mid-November, and the ideal period for forming a bottom is expected to be from mid-November to mid-December. It is anticipated that the upward movement will start around mid-December and reach approximately 1960 by the end of January 2024.
The target levels for the decline are projected to be 1780/1750/1730. The specific downside target is currently uncertain, but it is highly likely to test the 240-day moving average on the weekly timeframe, which is around the 1750-1760. The earliest time to reach this level would be mid-November, and the ideal period for forming a bottom is expected to be from mid-November to mid-December. It is anticipated that the upward movement will start around mid-December and reach approximately 1960 by the end of January 2024.
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