GOLD Analysis: Huge Upside Potential after Pullback
Hello everyone!
Here is my short and medium-term analysis for gold.
Last week, gold was able to break down from its multiple month downwards channel that saw it going from its highs in the $2000's to a low just under $1700. Since this point, gold has been able to recover and has demonstrated strong momentum upwards in response to inflationary pressures and the recent NFP reports.
From a fundamental perspective, I expect gold to continue higher for the following months and years, as inflationary fears will cause investors to inject money into safe havens.
However, from a technical perspective, I expect gold to slightly retrace from its highs. Drawing a fibonacci retracement from its lows to its current swing high yields a golden zone around the $1800, which is also an extremely pivotal price level. The target for this trade will be the -0.618 fib extension, or $2064, which exactly coincides with the August high.
If you have any questions, please leave them below.
Here is my short and medium-term analysis for gold.
Last week, gold was able to break down from its multiple month downwards channel that saw it going from its highs in the $2000's to a low just under $1700. Since this point, gold has been able to recover and has demonstrated strong momentum upwards in response to inflationary pressures and the recent NFP reports.
From a fundamental perspective, I expect gold to continue higher for the following months and years, as inflationary fears will cause investors to inject money into safe havens.
However, from a technical perspective, I expect gold to slightly retrace from its highs. Drawing a fibonacci retracement from its lows to its current swing high yields a golden zone around the $1800, which is also an extremely pivotal price level. The target for this trade will be the -0.618 fib extension, or $2064, which exactly coincides with the August high.
If you have any questions, please leave them below.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.