Gold to continue up after correction?
In last week's analysis, I stated my expectation for growth in the price of Gold and recommended buying dips rather than attempting to sell into a potential correction.
On Friday, bulls successfully broke above the small corrective bullish flag, achieving a new all-time high and closing the session at this peak. The Asian session opened strongly, witnessing an 800-pip rise and establishing a fresh all-time high at 2150.
Presently, the price has retraced and is consolidating within the 2080-2090 zone, prompting the crucial question of what comes next. In my opinion, Gold is poised to continue its ascent towards 2150, which now serves as the new resistance level.
From a technical standpoint, I anticipate support around 2070, extending down to 2050. This range represents a potential buy zone, with a contingency plan for reconsideration if there's a close below 2050.
As per my usual approach, I am seeking a target of 400 pips or more.
On Friday, bulls successfully broke above the small corrective bullish flag, achieving a new all-time high and closing the session at this peak. The Asian session opened strongly, witnessing an 800-pip rise and establishing a fresh all-time high at 2150.
Presently, the price has retraced and is consolidating within the 2080-2090 zone, prompting the crucial question of what comes next. In my opinion, Gold is poised to continue its ascent towards 2150, which now serves as the new resistance level.
From a technical standpoint, I anticipate support around 2070, extending down to 2050. This range represents a potential buy zone, with a contingency plan for reconsideration if there's a close below 2050.
As per my usual approach, I am seeking a target of 400 pips or more.
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