Are you keeping up with the latest trends in the Stock Market? If not, you’re missing out on some exciting developments that could significantly impact your trading strategy. At Extreme Investor Network, we go beyond the basic market updates to bring you unique insights and analysis that will help you stay ahead of the game.
Strong Upward Momentum
Gold is showing strong upward momentum, with a wide range green candlestick likely to be completed today. This bullish pattern suggests that gold could test the 2,450-price zone as resistance. Keep an eye on how gold reacts at this price level, as it could provide further clues about its future movement. If gold breaks above this level and maintains its position, it could be poised to surpass the recent record high of 2,484 reached in July.
Bullish Reversal on Monthly Chart
Not only is gold displaying bullish behavior on the daily time frame, but it has also triggered a bullish reversal on the weekly chart. If gold can close above last week’s high of 2,432, it would confirm increased strength in demand. Additionally, a close above 2,445 today would mark the third highest daily closing price for gold, signaling further strength in the market.
Initial New High Target at 2,566
Looking ahead, an initial new record high target for gold is set at 2,480, with a potential higher target at 2,566. This target is based on a rising ABCD pattern and two Fibonacci target levels. The convergence of these levels indicates a strong potential for gold to continue its upward movement. The monthly chart also supports a bullish outlook for gold, with a breakout triggered earlier in July and expected to be confirmed by today’s close.
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