Forecast for Gold Prices: Exceeds Important Levels, Anticipates More Growth

Welcome to Extreme Investor Network, where we provide expert analysis and insights into the world of stock trading, Wall Street, and more. Today, we will be discussing some key indicators of strength in the stock market that you should be keeping an eye on.

Additional Signs of Strength

One important indicator of strength in the stock market is a rise above the most recent swing high. This not only confirms the breakout but also increases the chance for a continuation higher. For example, if the stock reaches a weekly high of 2,369, it may signal a potential move towards the 61.8% Fibonacci retracement at 2,388. This level is significant as it confirms the price area from a previous swing high on June 7, shaping the downtrend price structure. Keep an eye on this level as it may indicate further strength in the market.

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Second Breakout of Rising Trend Channel

Another important indicator to watch for is a breakout of a rising trend channel. Today’s rally has broken through resistance from two trendlines, with the more notable one being the top line of a rising parallel trend channel. This breakout attempt could lead to greater success for the price of gold, as seen in previous instances where a breakout of a rising channel resulted in a rally to new highs.

Simple Extension Measurement Targets 2,494

When looking at potential price targets, a simple extended retracement measurement points to a near-term target for gold around 2,494. Additionally, there are two lower Fibonacci targets derived from longer-term measurements, such as the 161.8% extended retracement of the decline from the March 2022 swing high. Keep an eye on these levels as they may provide valuable insights into the potential movements of the market.

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For more in-depth analysis of today’s economic events and how they may impact the stock market, be sure to check out our economic calendar on Extreme Investor Network. Stay tuned for more expert insights and analysis on the stock market, trading, and Wall Street.

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