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GOLD - New bull market has started! | All-time high next year
Gold Spot / U.S. Dollar
Long
GOLD - New bull market has started! | All-time high next year
By UnknownUnicorn2537518
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Aug 20, 2022
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Aug 20, 2022
Gold has bounced successfully from the strong support level on the weekly chart.
As per my Elliott Wave analysis, an ABC correction (FLAT) + Wave (4) have been completed, so we can start a brand new impulsive wave!
On the weekly chart, we can spot a beautiful rectangle consolidation, which is a strong continuation pattern.
The price is above the 200 moving average. The 200 weekly MA is considered a very strong support area by huge institutions and hedge funds.
I think this will be the final impulsive wave and then we can go back to retest the rectangle from the upside.
You can place your profit target at the top of the parallel channel , but do not forget to switch to the LOG scale.
For more analysis, please hit "Like" and "Follow"!
Ascending Channel
Ascending Triangle
Beyond Technical Analysis
Bullish Rectangle
Bullish Trend Line
Elliott Wave
FLAT
Fundamental Analysis
Gold
Rising Wedge
XAUUSD
Zigzag
UnknownUnicorn2537518
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