Gold - 2h Chart
Gold has recently surged to new heights, in line with my predictions from almost a year ago. I wanted to share some of my current observations regarding the market. A large megaphone pattern appears to be forming, and within this structure, I’ve identified an ascending triangle. Additionally, candlestick patterns suggest the potential for a decline.
If this pattern plays out, gold could drop either to the lower boundary of the megaphone or further down to the support zone around 2525-2530. However, if gold maintains its current levels, it may rise toward the upper side of the megaphone, near 2650, before potentially declining again.
We’ll have to wait and see how the situation unfolds.
Disclaimer:
The above analysis is based on technical chart patterns and is not financial advice. Market conditions can change rapidly, and all investments carry risks. Please conduct your own research or consult with a professional financial advisor before making any investment decisions.
If this pattern plays out, gold could drop either to the lower boundary of the megaphone or further down to the support zone around 2525-2530. However, if gold maintains its current levels, it may rise toward the upper side of the megaphone, near 2650, before potentially declining again.
We’ll have to wait and see how the situation unfolds.
Disclaimer:
The above analysis is based on technical chart patterns and is not financial advice. Market conditions can change rapidly, and all investments carry risks. Please conduct your own research or consult with a professional financial advisor before making any investment decisions.
Note
Providing a zoomed in screenshot with a slighty corrected upper side of the ascending triangle:
Note
Providing a zoomed in and more clear screenshot now that the ascending triangle has formed.
Note
We can see that gold has now reached the upper boundary of the megaphone pattern, which has temporarily paused its upward movement. It remains to be seen whether a pullback will occur.
According to my prediction from last year, gold has not yet reached the $2,700 mark:
Disclaimer
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