Gold Price Forecast: Anticipating a New Record High as Bullish Momentum Persists

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Prior Sharp Rally Sets the Stage for Higher Prices

Did you know that an 8.2% advance occurred prior to the recent retracement in the market? This was followed by a breakout of a large symmetrical triangle consolidation pattern, signaling a change in momentum. The retracement took the form of a bullish falling wedge pattern, which recently broke out and confirmed a bullish trend. With today’s rally likely to close above the previous record high, the stage is set for even higher prices.

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Initial Upside Target of 2,320

Looking ahead, our analysis indicates an initial upside target of 2,320 based on the swing from the wedge breakout. Additionally, targets of 2,298 and beyond are predicted to be exceeded to the upside, supported by Fibonacci levels and top parallel channel lines. These levels can assist in assessing higher targets and potential price movements.

Strong Monthly Close to Confirm Long-term Strength

As we approach the end of March, gold is on track to finish the month at its highest monthly closing price ever. This milestone will confirm the long-term strength of the market and provide additional credibility to the current advance. A strong monthly close will also attract more demand and interest, fueling continued growth in the market.

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