Welcome to Extreme Investor Network, where we provide you with unique insights and analysis on the Stock Market, trading, and all things Wall Street. Today, we are diving into the latest developments in the market, starting with the next price zone to watch out for.
The next target zone is revealed by the confluence of several price levels, with two recent ascending ABCD patterns targeting 2,660 and 2,661. These patterns provide the top boundary for the price range, which begins at 2,650. This range also takes into account a long-term extended retracement of the decline that started from the March 2022 peak.
Moving on from there, we have seen a bullish reversal of Wednesday’s poor close, confirming a reversal of the bearish implications from that day. Following a false failed breakout signal on Wednesday, today’s advance has signaled a positive shift in the market sentiment. A small rising ABCD pattern with a target above 2,661 at 2,675 has been identified.
Additionally, the long-term uptrend for gold is well on its way, as it broke out of a multi-year basing pattern in March. Since then, it has been establishing higher monthly highs and lows, except for June which was an inside month. This bullish behavior on the monthly chart suggests a steady rising trend for gold.
Furthermore, there has been an acceleration in momentum as gold moves into new record highs, showing an upward momentum away from the 20-Day MA. The higher rising slope of the internal uptrend line and the convergence with the 20-Day line indicate a potential target of around 2,724. This corresponds to a 22.5% advance from the February swing low, with the next upswing measured from the June 26 swing lows matching that advance at 2,724.
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