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Gold has been a hot topic in the investment world, with many eyes on the recent record high of 2,431. But what does the future hold for this precious metal? Our experts have analyzed the charts and identified some key price targets that you won’t want to miss.
Gold Targets 2,462 if 2,431 is Exceeded
If gold exceeds the recent record high of 2,431, our analysis indicates that the next target could be 2,462. This price level is significant as it represents a confluence of two Fibonacci levels, making it a key area to watch for potential resistance. However, strong demand could push prices higher, potentially surpassing this zone with ease. Keep a close eye on how gold reacts around this price level, as it could signal a shift in momentum.
Further Up is 2,480
Looking beyond the 2,462 target, our analysis points to a further upside potential of 2,480. This level is based on a measured move calculation from previous swing lows, indicating a continued bullish trend in gold. If the current momentum persists, we could see gold reaching new heights and potentially setting new interim targets along the way.
Strong Follow Through from March Breakout
Since breaking out of a multi-year basing period in March, gold has exhibited strong follow-through momentum. Minor retracements have been quickly reversed, with buyers showing strong demand for the precious metal. This trend reflects a bullish outlook for gold, with potential for further gains in the near future.
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