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First off, let’s talk about the current support zone for gold, which is the 20-Day MA. It seems like a test of the 20-Day MA as support is on the horizon, with the line currently sitting at 2,418. Keep an eye out for possible support from last Friday’s low at 2,417 as well. While a new trend high was recently reached, signaling a potential breakout, it unfortunately didn’t come to fruition.
But don’t let that discourage you! The market is designed to keep us on our toes, and a potential bullish breakout to new record highs for gold is something many are watching closely. The 2,480 price level is a key target to keep in mind, as it marks the completion of a large rising ABCD pattern. This pattern began from the August 2018 swing low of 1,160 and the second leg up started from the September 2022 swing low of 1,615. Price symmetry between the two swings can be seen at 2,480, a level that was once again tested recently.
Looking ahead, if a bullish breakout does occur, we have an initial near-term target for gold around 2,566. This would complete an extended target for a rising ABCD pattern that began from the September 2022 swing low. Keep in mind that resistance may be encountered around this price area, so stay vigilant.
For more insights on today’s economic events and market trends, don’t forget to check out our economic calendar. And remember, at Extreme Investor Network, we’re here to help you navigate the complexities of the stock market with confidence. Visit our website for more valuable tips and information to help you sharpen your trading skills. Let’s tackle the market together!